Engagement means being involved in the fund's investments and keeping up to date with the SMSF laws.
A SMSF is best established with a corporate trustee with all members acting as directors.
What is your investment strategy going to be? Property, shares, or managed funds?
Will you use a financial planner or stock broker or real estate agent? Be careful with SMSF investment rules
SMSF runs forever so make it an inter-generational Family Super Fund.
There are many tax benefits for insurances in a SMSF but watch cash flow or contributions needed to pay for premiums. Who is a dependant -- get good SMSF advice on insurance and estate planning.
Moving an asset from the accumulation side to the pension side makes any disposal tax free provided the fund's assets are segregated.
You can negatively gear inside a SMSF using borrowing to minimize contributions tax ... but ask your adviser first. NRAS properties provide great tax benefits to the fund -- ask your financial planner.
Borrowing brings risk so be careful as there are risks with any borrowing.
Make sure there is an Enduring Power of Attorney to act as your Replacement Trustee or Replacement Director.
SMSF Living Will is a set of binding directions on distributing your superannuation benefits on your loss of mental capacity.
Binding death benefit nominations do not apply to SMSFs. It is the trust deed that is the law around how to distribute SMSF benefits on death.
Auto-reversionary pension allows a pension to be passed onto another dependant beneficiary.