Like other superannuation funds, self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that, generally, the members of an SMSF are also the trustees, which also means that there are a lot of responsibilities that come with operating a SMSF.
SMSFs are not for everyone and you should think carefully before deciding to set one up as you will need plenty of time and skills to run the fund and there can be significant penalties if it’s not done right. There may be other options for your super savings. Either way it is important that you get professional advice.
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