With me my retirement age was 65. To set up a SMSF I had to set it up before I turned 65. It takes some time to do. the SMSF is a company a bank account and share trading account in the name of the SMSF need to be set up also. I was able to transfer some of my private funds to the SMSF. There are limits to how much.
Mine, I have full control. My first advisor wanted me to have a product that paid trailing commissions to him. Sacked him and set it up so I have full control where I invest.
The fund is audited each year to remain compliant. Make mistakes and you loose the benefits of a SMSF that are (no tax in retirement phase) The fund can make money within the fund and can grow to exceed the $1.7m cap in super on retirement age.
All this information is available on government web sites.
This is my situation it may not suit some.
Seek financial advise from a licensed financial advisor as you cannot set it up without it.
$6 Party, page-69
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