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What’s the difference between ordinary super accounts and self-managed superannuation funds (SMSFs)?
The main difference between SMSFs and other super accounts is that members of an SMSF are usually also the trustees of the superannuation fund. If you set up an SMSF, you’re responsible for complying with super legislation and tax laws, as well as managing how the super funds are invested.
It’s recommended that you speak with a financial adviser before starting your own SMSF as there are rules and legal obligations that govern what you can and cannot do as a trustee.