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

A Quick Look at Self-Managed Super Funds

Many people are asking the question as to whether they should opt for a self-managed super fund.

There's no conclusive or right and wrong answer to this issue, but it is one that requires a lot of consideration. There are decisions to be made on cost, choice of trustees, investment options, your investment strategy within the fund, compliance, accounting, auditing and all the regulations that a trustee in a self-managed super fund must adhere to.

Do you have the time, knowledge and expertise to manage you own superannuation fund?

For some people, the answer is going to be "yes". For others, it's going to be "no". For those whose answer to the question is "yes", it would be worth your while to consider the option with careful consideration.

Just consider these stats for a minute. In the 2013 financial year, 150 self-managed super funds were made non-compliant, 440 individuals were disqualified from being a trustee, 70 self-managed super funds were wound up, and 513 self-managed super funds have enforceable undertakings against them.

This doesn't mean that they were necessarily or deliberately doing the wrong thing. But there are very strict pieces of legislation around the management of self-managed superannuation fund that potentially they were not adhering to.

The stats just highlight the importance of any individual contemplating a self-managed super fund, to seek and follow sound advice and strategy before embarking on this endeavor.

For more facts about self-managed super funds, visit our site at www.australiansuperfinder.com.au

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