A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different from industry and retail super funds. When you manage you're own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. For more details regarding SMSF audit services, you can browse the web.
There are many benefits to opening a self-managed superannuation fund (SMSF). Here are five of the most important:
1. You have control over your money – You are in charge of your own superannuation, which can give you peace of mind.
2. You can make investment choices that suit your goals – You can choose the investments that are right for you, rather than having them selected for you by a fund manager.
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3. You can get tax breaks – If your SMSF is registered with the ATO, you may be able to get tax breaks on your contributions and earnings.
4. Your money is safe – Your SMSF is protected from bankruptcy and other financial emergencies.
5. You can use your money to grow your retirement savings – With a self-managed superannuation fund, you can increase your retirement savings over time, which can help you achieve your financial goals.
Pros of a Self-Managed Super Fund
When it comes to your money, you're in charge. And that means you can choose whether to have a self-managed super fund (SMSF) managed by an external provider or to take control and manage it yourself. Here's a look at the pros and cons of both approaches.