SMSFs give you more control over how you manage your super, by allowing you to choose where you invest your super benefit.
They can be a great vehicle to take back control of your Super, but may not be right for everyone: SMSFs are best-suited to people with extensive knowledge of financial as well as legal matters.
Read on to see if an SMSF is right for your financial future.
What is an SMSF?
An SMSF is a private superannuation fund, regulated by the ATO that you manage yourself. SMSFs can have up to four members, and all members must be trustees (or directors, if there is a corporate trustee) and are responsible for decisions made about the fund.
How do they work?
SMSFs operate under similar rules as regular super funds. Although generally more cost-effective, the set up costs and annual running expenses associated with SMSFs can be higher.
If you decide an SMSF is for you, you’ll need to:
You may decide to use a financial adviser or broker for investment advice or an accountant for financial management of the fund. The type of ongoing advice you get will depend on your needs.
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