Australian superannuation

03 July 2017 | By Scott Howard in Entrepreneurship

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Setting up Self Managed Superannuation Funds or SMSF is a major decision. That is why you really need to make sure that it is the best option for you. With SMSF, it is your responsibility to run the fund and to comply with the law at all times. That is why you need to know all about SMSF or seek for the right advice and consider whether or not you have the skill to manage the super or have the time.

What do you need to know about SMSF? SMSF can have up to four members, who are also the trustees of the fund. You can have a company as a trustee, but all members must be directors of that company. As a trustee, you are responsible for the running of the fund and should act in the best interests of all fund members when decisions are made.

There are many different retirement planning strategies that can be put in place to help you reach your goals and objectives. To ensure your maximise your SMSF returns and achieve your retirement planning goals, look for professional advice from a lawyer or financial adviser.

Do you want to know how the Australian superannuation system compares to others around the world? Check this out: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/australian-superannuation