Everyone needs a superannuation fund to prepare them for retirement age.  Your employer is legally bound to contribute a percentage of your income into a nominated superannuation account as you get paid.  Some people choose to manage their own super fund, this is known as a Self Managed Superannuation Fund, or SMSF.

People who choose to manage their own super usually do so to have control over the fund and being responsible for managing the funds over time.   There are rules and conditions that apply to managing your own super, including (but not limited to);

-There can be no more than four members in the fund. All members must be trustees (or directors if there is a corporate trustee) and are responsible for decisions made about the fund and for complying with relevant laws.
-You are personally liable for the decisions made in the fund, even if you have sought professional advice in setting the fund up
-You can invest in the usual investments such as shares, but also broader options such as artwork, collectibles, and property.
If property is what you choose to invest in, there are further rules that apply to purchasing the property through your SMSF including, the members and their relatives must not live in or rent the property.   This means the property is to be rented out to an unknown party, usually through a real estate agent (Property Manager).

There may also be higher fees and borrowing costs when purchasing through your SMSF.  A financial adviser can assist you with the fees and costs of going down this path. 
Other considerations before setting up a SMSF is to ask what are the risks, what can you invest in and how much of your time will a SMSF take up?  Have you considered other superannuation and investment options to create wealth for your retirement?

At Loan Market Ellenbrook, we have a Financial Adviser, through our sister office, Wealth Market who can assist you with your retirement funding options, including SMSFs and other investment options.  Before you set up a SMSF, consider all the risks and costs of managing your super. 
If you would like to find out more about the terms and conditions of Self Managed Super Funds, contact Brett on 0407 249 567, or call into our office on Main Street in the heart of Ellenbrook.