Self managed super funds (SMSFs) give the most flexibility and options within super. You have the widest choice of investment options, including the ability to buy direct property with your super. You can even borrow within a self managed super fund to increase the funds you have available to invest.
In addition, a smsf allows up to 4 people to combine their super accounts into one. This can be beneficial for families, or people who want to pool assets to be able to invest in a larger investment.
Self managed super funds are not for everyone though. Typically, they come with greater responsibility and potentially more work. Also, if not well advised or poorly managed then they can present more risks
Also, generally speaking SMSFs are for larger balances. This is due to the costs involved in running a fund, such as specialist advice, accounting, regulatory fees, and audits. In 2019, ASIC released a report about self managed super funds which suggested that a minimum combined balance of at least $500,000 is recommended.
If you are interested in exploring if a smsf is right for you then please book a complimentary appointment with an adviser from Smart Wealth Financial.
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