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SMSF is a great self-directed fund. In Australia, superannuation is a way for people to save for their retirement. Like other pension funds, a self-managed super fund is simply a way to save for later in life that people should not rely on government pensions.
There are some specific differences between traditional pension funds and self-managed super funds (SMSF). Most Australians are paying into a super fund that is managed by someone else.
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SMSF Set Up
However, a Set-up SMSF has as much red tape associated with it. All self-managed pension funds are required to comply with the trust and the laws and rules applicable to SMSFs.
Because of the rules and regulations that administer the SMSF set and resources, many people decide to work with an accountant to set up and manage their SMSF. Accountants who specialize in self-managed superannuation already know the work of documentation and administration is necessary for the establishment of a fund.
Income super funds, including SMSFs, are generally taxed at 15% as the fund complies with the applicable rules and regulations.
Working with an expert in auditing and experienced accountant SMSF to help manage your SMSF set up and ensure the continued compliance of your super self-managed fund, will help you develop your pension if you are set up when making your retirement.