Self-managed super funds (SMSFs) can be great for certain people, because they allow you to have greater control over your investments, more flexibility and there is generally a greater range of investments to choose from.
If you are self-employed, you may see a benefit from having a SMSF because you may be able to put your business property into the fund, which comes with various tax and super advantages. If you are self-employed or not, SMSFs give you the ability to invest in unusual assets like collectible cars or art, or buy property – although these must meet the ‘sole purpose test’ that shows that the asset is used only to provide benefits for your retirement or to provide for your beneficiaries in the event of your death.
The flipside of SMSFs is that they are generally more complicated and all members of a SMSF must also be trustees of the fund which results in added responsibilities and duties.
Talk to your adviser about whether a SMSF is the right option for you.