Introduction to Self Managed Super Funds in Australia

In Australia one of the effective modifications to the legislation was to let people do their superannuation themselves. This fund is called 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 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 tax benefits and save on the expenses that is sometimes required to upkeep the account.

The introduction of this type of super has lead to up to 31% of Australians opting for the arrangement and the percentage continues to grow over the years. The fund commonly includes relatives and members of a family.

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

– It is the sole duty of the fund’s account holders to look after the super
– Members require a degree of experience to ensure it runs errorless
– Fund needs to comply with to regulations and legislative heuristics.

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