In Australia one of the important modifications to the law was to allow people handle their superannuation themselves. This fund is called a Self Managed Super account and it can be managed by up to four people and the benefits will be distributed to the members upon retirement.
The greatest benefit to self managed super funds Australia accounts is that the arrangement allows a high degree of control over the funds and as a bonus it will get added tax benefits and save on the high administration fees that is usually needed to maintain the account.
The introduction of this type of account has lead to up to 31% of Australians opting for the arrangement and the number continues to proliferate over the years. The fund usually includes relatives and members of a family.
There are a few provisos to the account which should be considered:
- It is the sole duty of the fund’s members to managed the super
- Funds members require a degree of experience to ensure it runs errorless
- Fund needs to adhere to regulations and legislative heuristics.
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