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Self managed superfund

A superannuation fund is a statutory trust designed with the sole purpose to provide retirement benefits to members of the fund.

A self managed superannuation fund (also sometimes known as a DIY fund) is like any other superannuation fund with the distinction that it is a small private fund. It is in effect your very own personal superannuation fund.

A self managed superannuation fund is defined as a superannuation fund where:

All members of the superfund are also trustees of the superfund ensuring that each member has full participation in the activities of the superfund. All members of the superfund may be involved in the decision making process of the superfund.

It is usually established by people who want to make investment decisions and have direct hands-on role in running their own fund. These funds often make direct investments.

Section 17A of the Superannuation Industry (Supervision) Act sets out the definition of a self managed superannuation fund.