Self managed super funds (SMSFs): The ultimate guide

Take your superannuation into your own hands with a self managed super fund.

A self managed super fund (SMSF) gives you complete control over where your superannuation is invested. This guide outlines what an SMSF is, the obligations and responsibilities of SMSF members and includes a step-by-step guide on how to set up your own SMSF. You can also compare a range of dedicated SMSF cash accounts.

BankVic SMSF Saver

BankVic SMSF Saver

1.60 % p.a.

max rate

1.60 % p.a.

standard variable rate

BankVic SMSF Saver

Ongoing, variable 1.60% p.a. Available on balances up to $5,000,000.

  • Maximum Rate: 1.60% p.a.
  • Standard Variable Rate: 1.60% p.a.
  • Monthly fees: $0.00
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What is a self managed super fund?

Like the name suggests, a self-managed super fund is a super fund that you manage yourself, unlike a retail or industry fund which is managed on your behalf. The purpose of the SMSF is to provide members (you plus up to three others) money in retirement.

SMSFs explained

Find out what an SMSF is, how it works and how it differs from a retail or industry super fund. Find out the factors you need to consider when determining if an SMSF is the right option for you.

Read this guide

Is an SMSF the right option for you?

While SMSFs offer great investment and tax benefits, they aren't the right option for everyone. There are a few things you must consider before setting one up, including the admin work that's required to maintain an SMSF, the various costs involved and the benefits and risks to consider.

Ready to set up your own SMSF?

Running an SMSF requires support from a variety of people, but they're not as daunting to set up as you might think. We've broken it down with a six-step process that will have you setting up your very own SMSF in no time. As part of the process, you'll also need to plan a clear investment strategy and choose a trustee structure. Read our comprehensive guides to lean how to do this in simple steps.

How do contributions and rollovers work with an SMSF?

You can contribute to your SMSF by rolling over your current super balance into your new fund, having your employer contribute the super guarantee into your SMSF and/or make personal contributions yourself.

How to roll over your super

It's a good idea to roll over your current super balance into your SMSF, to save from paying multiple fees. You can easily do this online in less than 10 minutes. Plus, learn more about the benefits of making contributions to your SMSF.

Read this guide

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2 Responses

  1. Default Gravatar
    johnnyApril 23, 2019

    I have superannuation and I am the sole beneficiary. If in case I apply for an aged pension, does my fund payment be counted as an income and affect my eligibility?

    • Avatarfinder Customer Care
      JoshuaApril 24, 2019Staff

      Hi Johnny,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      It is worth noting that your superannuation is not considered by Centrelink until you become eligible for the age pension. For this reason, once your age pension kicks in, the value of the superannuation can be counted in both the assets and income test.

      So, yes, your super will affect your eligibility for the aged pension. To know more information and get a more personalised answer, you may directly get in touch with Centrelink.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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