A self managed superannuation fund (SMSF) is a trust where money and investments are held and managed on behalf of the members in accordance with superannuation law. The fund’s purpose is to provide benefits to members on retirement or death.
The growth in SMSFs over the past decade has been significant. In 1998 12% of Australia’s superannuation was held in SMSFs, compared with 32% today.
Australians have been changing to SMSFs for many reasons. SMSFs give people control over their super, they provide greater investment flexibility and are a perfect vehicle to implement tax-planning strategies that take advantage of tax concessions afforded to superannuation savings in Australia.
Importantly, the costs of running an SMSF are often lower than the fees charged under other superannuation products.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.