Self managed super funds are similar to other super funds as they are designed to help you build your super savings so you can have the lifestyle you want in retirement.
The key difference is that all members of SMSFs are trustees and directly control the fund. They are responsible for the fund’s assets and investments, paying the benefits and ensuring that the fund is compliant.
While SMSFs can mean more control and flexibility over your super savings, they are not for everyone as they require a much higher level of time and attention to administer and manage.
The key issue with SMSFs is that members/trustees are ultimately responsible for ensuring that the SMSF remains compliant with the law. The responsibilities and obligations are numerous so it is important to discuss with your financial adviser whether an SMSF is for you.