There are pros and cons to both SMSFs and industry super funds.
SMSFs provide more options and allow you to have direct control over your money. This can make them suitable for people who have quite a bit of super and understand finance and tax laws well. By being able to invest your money where you want, SMSFs allow you more choice and control. However, they can also require more work to manage.
Industry super funds usually offer simplicity and low fees – plus the ability to support your industry. While you can select which provider to go with, you won’t directly make choices about where to invest money.
The main benefits of investing with an SMSF are:
-the trustees have near complete control over what to invest in (as long as each investment complies with the superannuation laws)
-the costs of maintaining an SMSF are often largely fixed and shared between the members. This means SMSFs with larger balances or cheaper administration can be more cost efficient than a public offer super fund
-the trustees can be more agile in taking advantage of new investment opportunities immediately
-unlike public offer funds, SMSFs can invest in direct real estate and fractional property investments
-SMSFs have access to certain tax strategies that are only possible within an SMSF
How Selfmade does it
Selfmade is here to make managing your own super – and keeping compliant – easy. Our pricing is much lower than traditional SMSF accountants, and the functionality of our engaging, user-friendly application is a refreshing change from the usual SMSF experience!
While we’re always here to answer any questions, ultimately how you manage your super is up to you. You get to take charge of your super without the hassle – that’s the beauty of managing your money through Selfmade.
SOURCE, All rights reserved to – Self Made., Copyright © 2019 Selfmade., Why choose an SMSF over a regular super fund?, https://www.selfmade.com.au/faqs/smsf-questions/why-choose-smsf-over-regular-super-fund/
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