Self Managed Super Fund

What is a self-managed super fund?

A self-managed super fund (SMSF) is a retirement savings account that you run yourself. This arrangement puts you in charge of where your money is invested. 

How is an SMSF different from other super funds? 

Unlike an SMSF, industry and retail super funds are professionally managed by fund managers who make investment decisions on behalf of all members. These funds usually offer a range of pre-determined investment options and charge fees for managing the fund. 

Is there a minimum for an SMSF account? 

While there's no minimum balance required to establish an SMSF, it’s more cost-effective with a larger balance. This is because setting up and running an SMSF incurs various costs, including the annual supervisory levy payable to the ATO, as well as expenses for accounting services to prepare financial statements, tax returns, and independent audits. 

These costs can be proportionally high for smaller balances, making it more economical to manage an SMSF with a larger pool of assets.