When looking for a means to ensure that your retirement period is secured with a steady source of income, you will need to look for an option not only yields high returns on your long term investments but grants a level of independence in decision making pertaining to superannuation investments. Majority of the Australian working class has tested SMSF or self managed superannuation funds to be a suitable answer to the kind of retirement plan they are looking for.

The name self-managed is quite self-explanatory, however in case of self managed superannuation funds; there is a prerequisite to understand how such funds work and how these are to be operated by the members. Being self-managed, a member becomes solely responsible for the decision or investments made in the fund’s name. For those individuals who find themselves inclined towards having complete control on their pension funds, here are some important facts about SMSF.

1. There can only be a maximum of five members in one superannuation funds.

2. Members are often referred as trustees of their super funds and are responsible to perform various duties that come with the task of establishing a self managed super fund.

3. Trustees in an SMSF enjoy superior control over its operations and investments made against the fund.

4. Among the most favored advantage is of SMSF borrowings that can be used to further to make investments in real estate, share market and other hedge funds.

5. The choices for the SMSF members are endless, as they have the autonomy to customize investment strategy as per their preference and comfort.

6. Based on the investment strategy, the members in such funds are qualified to avail various tax benefits.

7. With SMSF, members have a greater chance at protecting and maximizing their assets.

8. Additionally, the members or trustees have the independence to decide who will be responsible for the funds after they have passed or in their absence.

There isn’t much convincing required to be done these days in order to convince a working individual to invest their income in a self managed super fund. Owing to the global economic and financial slowdown, individual in numbers have shown keen interest in having as much as autonomy in these scenarios. However, there is one department in which one is most likely require expert assistance, and that is in accountancy or record keeping. Specialists can be hired at reasonable SMSF audit fees to undertake this task to be completed not only on time but with accuracy as well.

The Author is an experienced Content writer and publisher for Business Development. For more information, visit: SMSF Audit Fees, SMSF Borrowing and SMSF.