A DIY / Self Managed Super fund (or SMSF) is a superannuation fund where the members are also the trustees of the fund.
What is a SMSF going to give you?
Trustees of superannuation funds have total control over the Fund, including the investment strategy, and are ultimately responsible for everything that happens within the fund. This “control” aspect is one of the primary reasons for members setting up their own fund.
What is a SMSF going to require of you?
There are administrative and compliance obligations that come with super fund trusteeship, and new trustees need to embrace this and take it on board before they go ahead with establishing a fund. Supervision SMSF helps SMSF trustees to meet these administration and compliance obligations and ensure trustees meet their ongoing responsibilities.