A Primer About Self Managed Super Funds in Australia

In Australia one of the important modifications to the legislation was to let people handle their superannuation by themselves. This fund is known as a Self Managed Super account and it can be controlled by up to four people and the monies will be divided to the members upon retirement.

The biggest advantage to self managed super funds Australia accounts is that the arrangement allows a high power of control over the funds and as a bonus it will get added tax benefits and save on the administration expenses that is sometimes required to upkeep the account.

The introduction of this type of superannuation account has lead to up to more than 30% of Australians taking advantage of the arrangement and the number continues to proliferate over the years. This fund usually includes relatives and family members.

There are some provisos to the account which should be considered:

– It is the sole responsibility of the fund’s account holders to managed the super
– Members require some experience to ensure it runs without issues
– Fund needs to comply with to rule and legislative heuristics.

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