What are Self Managed Super Funds?

 

A self managed super fund is similar to other super funds but is funded by contributions by members and therefore gives the members the benefits when they retire.  Self managed super funds can give members more control over their superannuation.

Self managed super funds are also referred to as SMSF or  DIY Funds.  The members of the funds are the trustees or directors of a corporate trust.  As such they need to control and managed the fund and implement and investment strategy. The SMSF trustees need to accept super contributions and manage the payment of benefits.  The trustees of a self managed super fund must engage approved auditor and may have tax agents, accountants, financial advisers and administrators to help.  The legal responsibility of the fund's ongoing compliance rests with each trustee. 

Find out more about the benefits of an SMSF corporate trustees rather than individual trustees.

Self Managed Super Funds & Fees

The set up of a Self managed super fund and ongoing SMSF administration often prevents people considering a self managed super fund until they have a reasonable fund amount.  Your financial planner can help to show you how much you currently pay in fees for your superannuation fund and compare this to running your own SMSF. 

Advice For Self Managed Super Funds

Talk with a SMSF specialist advisor to find out whether a self managed super fund is right for you.

Administration for Self Managed Super Funds

The compliance and paperwork of a self managed super fund can be daunting. Although this can be completed by the SMSF trustees many people use a SMSF administration company to help lodge returns, support with technical issues and to keep you upto date with legislative changes.  Using a professional SMSF administration company ensures that your super fund is in good shape.