Self Managed Super Funds
While an SMSF can offer you much flexibility, there is also a degree of risk. Below you will find information on why you might consider an SMSF and practical advice on how to get started.
A Self Managed Super Fund is a superannuation vehicle which provides you with direct control of your retirement savings.
Controlling your own fund isn’t for everyone though. Therefore, it’s important to understand the basics surrounding it before you make your decision.
For SMSFs, the various costs are more likely to be fixed, whereas larger superannuation funds generally charge using percentage based fees and these increase in line with the level of benefits within your fund.
There is of course also a cost associated with the time you spend running your own fund and this will depend on how much you do yourself and how much you outsource to a professional.
There are many benefits to holding a Self Managed Super Fund (SMSF). Not only can you take control of your superannuation savings, by managing and choosing your investment options yourself, there are other benefits too.
Managing your own fund requires you to adhere to strict taxation laws and regulations and it is your responsibility to be aware of these to ensure compliance.
So you’ve decided on the Self Managed Super Fund for you! What’s next?
Follow these steps below for a smooth transition to the world of Self Managed Superannuation.