An SMSF (Self-Managed Superannuation Fund) is a private superannuation fund managed by its members, who are also the trustees. It offers greater control over investment choices and allows members to tailor their superannuation investments to their individual preferences and retirement goals. However, it comes with strict compliance requirements, including adhering to regulatory standards set by the Australian Taxation Office (ATO), maintaining accurate records, and ensuring that all investments are made in accordance with the fund’s trust deed and investment strategy. Trustees are responsible for managing the fund’s assets, ensuring compliance with legal and tax obligations, and filing annual returns. While SMSFs can provide greater flexibility and potential for personalized investment strategies, they require a significant level of involvement and expertise in managing the fund’s operations and compliance.