Superannuation is important for everyone no matter what your stage of life. SMSFs are growing in popularity and hold several advantages over other types of funds such as retail and industry funds. However, a SMSF may not be the best option for everyone because of the time and effort in running the fund as well as the responsibilities attached to being trustee. 

Setting up and running an SMSF is a highly complex area, and it is vital to seek professional advice to make a decision that best suits your needs and objectives as well as ensuring that the SMSF remains compliant and eligible for concessional tax rates.

An SMSF provides flexibility but comes with significant obligation and responsibility. The trustees of a SMSF are ultimately responsible for the decisions for, and benefits of, the members of the fund.