FIFO (fly-in fly-out) workers often earn strong incomes, but their lifestyle creates unique financial challenges – long absences from home, high-risk jobs, and the need for greater family protection. For many in this situation, a self-managed superannuation fund (SMSF) can provide unmatched control, tax advantages, and long-term security.
Let’s unpack five powerful reasons FIFO families might consider setting up a strategic super structure like an SMSF.
Case study: The Harris family – A FIFO super strategy that works
Liam (36) works FIFO and earns $250,000 annually. His wife Mia (34) manages the household. They have two children under five and about $200,000 in combined super.
Together, they established a family SMSF with a corporate trustee to take control of their future.
- Use super to enter the property market
With $100,000 from their SMSF, they used a limited recourse borrowing arrangement (LRBA) to borrow $400,000 and purchase a $500,000 investment property. Rental income covers repayments, and the property grows tax-effectively inside the fund.
- Wider investment choice – including digital assets
The Harris family allocated $30,000 to digital currencies as part of their high-growth asset strategy. Most industry super funds don’t allow this level of freedom.
- Tailored life insurance built into the fund
Using their SMSF, they took out $1 million in life insurance each, with premiums paid from pre-tax contributions. This ensured the family was covered properly – something industry funds rarely customise.
- Tax-effective contributions and flexibility
Liam maximises his concessional contributions, claiming tax deductions. Mia receives spouse
- Control over estate planning and beneficiaries
They implemented SMSF wills and planned a future death benefit trust. If anything happens to Liam, Mia keeps full control – and the kids’ inheritance remains protected.
Final word
For high-earning FIFO professionals with a long-term outlook, SMSFs offer more than flexibility – they offer family security. With the right setup, Liam and Mia control their financial future, far beyond what industry funds can deliver.
