SMSFs – fastest growing superannuation sector
A self managed superannuation fund (SMSF) is a trust where money and investments are held and managed on behalf of the members. The fund’s purpose is to provide benefits to members on retirement or death.
The growth in SMSFs over the past decade has been phenomenal. In 1998 12% of Australia’s superannuation was held in SMSFs, which compares with 32% today.
Australians have been changing to SMSFs for many reasons. SMSFs give people control over their super, they provide greater investment flexibility and are a perfect vehicle to implement tax-planning strategies that take advantage of tax concessions afforded to superannuation savings in Australia.
Importantly, the costs of running an SMSF are often lower than the fees charged under other superannuation solutions.
Learn more about SMSFs at our education seminar: Is an SMSF right for you?
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An introduction to SMSFs