Reasons For Setting Up An SMSF
In the past, most people invested their Superannuation in Retail or Industry Superfunds to which their employers contributed a percentage of their salary. Fund managers then made investment decisions on behalf of the members of those Funds. This landscape has dramatically changed in the past 10 years, with almost 1.1 million Australians switching from Retail or Industry Funds to SMSFs. The reasons for the change include the additional control over their Super and potentially lower fees. Now let us have a closer look at the advantages that an SMSF can offer.
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