Why are they the fastest growing type of Super fund in Australia?
Choice of what your Super is invested in.
Property, shares, managed funds, term deposits, bonds. Be comfortable with how your Super is invested.
Have up to four members.
Include your partner and/or children in your Family Super fund. They still can have their own separate accounts & investment choices but get to take advantage of the benefits offered.
Looking after the Family - Estate Planning.
Your SMSF can have its own SMSF Will, separate to your individual Will that controls how your superannuation is managed in the event of your death.
Borrowing
One of the true benefits of a SMSF that retail & industry funds cannot offer. The opportunity to include residential or commercial property within your SMSF allows greater diversification & leverage.
Cost
For many people (but not all, and depending on your account balance), the cost of running a SMSF can be significantly lower than that of an alternative retail, industry of other commercial super fund. The more members the lower cost per member as costs are not member dependant.
Pension Planning
SMSF allows the most seamless transition from accumulation into flexible income streams.
Asset Protection
The Asset protection afforded in a SMSF is crucial in a world where litigation and bankruptcy has become commonplace. In either of these events, your benefits are protected, even if you withdraw some of this to live on.