Self-Managed Super Funds (SMSF)
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Most people keep their Superannuation with a Fund that is managed by a third party. An alternative to this is a Self-Managed Super Fund (SMSF) which you manage yourself. Typically, this type of Super Fund is popular with those who own a business or who are self-employed. Since the introduction of Super Choice rules in 2005, more and more Australians are choosing to start up their own SMSF. A SMSF provides benefits for retirees in the same way as a third party managed Super Fund. While SMSFs are free from some regulations placed on regular Super Funds, it’s important to understand there are additional SMSF rules and restrictions that must be followed.