A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.
Your SMSF can have no more than six members. As a member, you are a trustee of the fund — or you can get a corporate trustee. In either case, you are responsible for the fund.
While having control over your own super can be appealing, it’s a lot of work and comes with risks. Only set up your own super fund if you’re 100% committed and understand what’s involved.
Setting up and managing an SMSF can give you greater flexibility and the potential for increased returns. Contact us today to speak with our SMSF specialists and start building a brighter future for your retirement.