Introduction to Self Managed Super Funds in Australia

In Australia one of the smart changes to legislation was to allow people handle their superannuation by themselves. This type of account is known as a Self Managed Super account and it can be managed by up to four people and the benefits will be divided to the members upon retirement.

The biggest benefit to self managed super funds Australia accounts is that the arrangement allows a high degree of control over the funds and as a bonus it will get added tax benefits and save on the fees that is sometimes needed to upkeep the account.

The introduction of this type of superannuation has lead to up to more than 30% of Australians opting for the arrangement and the percentage continues to grow over the years. This fund commonly includes relatives and family members.

There are a few caveats to the account that need to be considered:

– It is the sole responsibility of the fund’s account holders to look after the account
– Members require some experience to ensure it runs errorless
– Fund needs to adhere to rule and legislative heuristics.

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