They are different types of superannuation fund products that you can use for your retirement savings, such as corporate, retail and industry super funds. One such product type is called a Self Managed Super Fund (SMSF).
An SMSF is a super fund structure that allows a maximum of 4 members in the Fund, and stipulates that the members are also trustees of the Fund. The advantage of using an SMSF over, say a retail or industry fund, is that you as the trustee of your super fund have greater control and flexibility in how your retirement savings are managed.
However, with the added control and flexibility comes the responsibilities of being an SMSF trustee – which can be onerous and time consuming. The ATO which overseas all SMSF’s has a severe penalty regime if these obligations and responsibilities are not adhered to.
Manifest Financial Wealth can help you work out whether an SMSF is the right investment vehicle for you and your retirement nest egg. Manifest Financial Wealth provides comprehensive support services for SMSF trustees such as administration, reporting and compliance services, pre-retirement/retirement strategies, and investment recommendations. We can also advise you on the best way to structure your SMSF so as to get the most out of your Fund.