I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Self-Managed Super Fund Essentials

SMSF is the fastest growing scheme in the superannuation sector. It is also a fun way of running around superannuation since you're managing it yourself. That's one of the advantages of a self-managed super fund. Instead of your super fund running the show, you are doing things yourself and setting your course for your retirement.

When is SMSF Worth Considering?

The rule of thumb is around $200,000 of assets to invest in applying. That's it, though, and you can set up a fund to any level of fund balance. It's important to remember though that you can involve partners and other resources. In fact, 70% of self-managed super fund included partners and couples putting money into their pot to invest.

So if someone doesn't have enough to reach $200,000, he or she can work with a partner to reach that minimum. To get started with SMSF though, you need to be engaged and spend some time with it. The important thing to have here is the knowledge and understanding in investing and everything you need at your disposal to run that fund.

What you need to be Aware Of

There are some things you need to look out for in a self-managed super fund. First of all, know your obligations as a trustee of your fund. There are also legal requirements involved in running your fund and it's important to discuss these responsibilities with your lawyer. Self-managed super is a very tax-effective environment to invest in, and because of that, there are strict requirements wrapped around your fund that you need to abide with.

So make sure you understand those obligations. Make sure also to keep yourself updated with the changes of legislation because some things do change in the investment environment. Also ensure that you have a sound investment strategy. To make all your efforts and investments worthwhile, you need to have a strategy that works in your situation.

Financial Advice for SMSF

It's important to look for advice when you're starting an SMSF. It's important to know the role of a financial adviser in the process and seek advice not only when things become too complicated for you to handle but also every time you change your investment strategy.

More on SMSF Essentials can be found at www.australiansuperfinder.com.au

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