What is an SMSF?

Published: 22-Apr-2024

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A Self-Managed Super Fund (SMSF) is a superannuation structure that gives you greater control over your retirement savings as compared to an industry, corporate or retail super fund.

Instead of being restricted to a pre-selected investment plan, you become the portfolio manager who decides where your money is invested.

An SMSF can have benefits over other types of superannuation accounts such as:

  • flexibility to invest in any type of asset allowed under superannuation rules
  • tailored investment strategies to meet the particular objectives of fund members
  • total control over how retirement benefits are managed
  • scalability of fees which can result in reduced costs for those with larger superannuation balances
  • ability to consolidate family superannuation benefits into a single portfolio

Setting up an SMSF comes with increased responsibility and as trustee you will need to ensure the SMSF complies with regulations and tax laws.

Financial advisors can be valuable partners in navigating the complexities of an SMSF and can help you decide if an SMSF is the right fit for your financial goals and risk tolerance. They can also assist with setting up the fund, developing an investment strategy and managing the ongoing administration and compliance tasks. This allows you to focus on other aspects of your financial plan while having peace of mind that your retirement savings are on track.

ATO: Self-managed super funds.

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