There are essentially 2 benefits to having your own self managed super fund (SMSF):
1. Cost
Self managed super funds (SMSF) can be very cost effective. A SMSF will cost you anywhere in the range of $1,500 to $2,500 each year to maintain. In addition, there are a number of fixed costs that don't increase regardless of the size of your super fund. For example, the cost of auditing your SMSF and preparing the fund's tax return will still cost the same regardless whether you have $250,000 or $2 million in the super fund.
2. Control over your SMSF
You can control what your SMSF invests in and when you invest, subject to the fund's investment strategy and the technical rules about SMSF investments.
Please remember that a SMSF is not for everyone and we recommend that you seek professional advice from a financial planner first before setting up your own SMSF. A financial planner will be able to advise whether a SMSF suits your needs or whether using an industry superannuation fund or a retail super fund may still provide you with sufficient flexibility and cost-effectiveness.
