Self Managed Superannuation Funds (SMSF) Overview
This guide is part of our Comprehensive Guide To SMSFs. We suggest checking checking out the full guide in order to get a better understanding of SMSFs.
Do-it-yourself (DIY) super or self managed superannuation funds (SMSFs) have great flexibility and can invest in a broad range of investments including direct property, managed funds, shares, high interest cash savings, term deposits and gold.
Australians can choose to put their personal super contributions with an independently managed superannuation fund (such as retail or industry superannuation) or with their own self managed fund.
Self managed super funds (SMSFs) perform the same role as any other super fund, by investing contributions and making them available to members on retirement. The key difference is that the members of self managed funds are also the trustees and therefore control where their contributions are invested, the payment of their benefits and how the funds are invested (SMSF investment strategy will be covered later on).
In a nutshell, with your own self managed super fund (SMSF) you get to decide what you invest in and when your benefits are paid, as long as you comply with superannuation law governed by the ATO and the Superannuation Industry (Supervision) ACT 1993.
If you don’t already have your own DIY super fund but are interested in setting one up, you should meet with a superannuation tax professional or licensed financial planner. They will help you decide whether self managed super is right for you and help you to establish your own fund if it is. Use our enquiry form to a get free expert opinion about your superannuation or ask for further assistance.
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