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Self-managed Superannuation Funds (SMSF)

SMSF supervisory levy - 2013 to 2017 financial years
Tables showing the amounts most funds will have to pay under the new SMSF supervisory levy payment arrangements for the 2012-13 to 2016-17 financial years.
Self-managed super funds
Like other superannuation (super) funds, self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is, generally, that members of an SMSF are the trustees. This means the members of the SMSF run it for their own benefit.
Setting up
Your SMSF needs to be set up correctly so that it's eligible for tax concessions, can receive contributions and is as easy as possible to administer.
Tax on income
The income of your SMSF is generally taxed at a concessional rate of 15%. To be entitled to this rate, your fund has to be a ‘complying fund’ that follows the laws and rules for SMSFs. For a non-complying fund the rate is the highest marginal tax rate.
Thinking about self-managed super
SMSFs are not for everyone and you should think carefully before deciding to set one up. It is a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings. Either way you should get professional advice.
Winding up
At some point you may need to wind up your SMSF. You'll need to deal with members' benefits and finalise your reporting responsibilities.