What is a SMSF?

A SMSF is an Australian superannuation trust structure that provides financial remuneration to its members in retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. That means they have to maintain records, complete a tax return and organise an independent audit.

SMSFs can have between one and four members, and one of the main advantages is the level of control that trustees have when it comes to tailoring the fund to meet their individual needs.

This differs from retail and industry super funds, which are designed to benefit a large group of members, meaning decisions are based on collective interests rather than what is best suited to individuals. But if you’re not familiar with the superannuation rates, an SMSF may not be for you unless you get expert advice.

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