Most Australians have their super in an Industry Superfund or a Commercial/Retail Superfunds (often run by banks). These superfunds are managed by someone else. The Self Managed Superfund, as the name suggests, is managed by the members themselves. This gives the member significant control over their super savings and control over the superfunds investments. Like all superfunds the assets held are reserved for retirement and members cannot withdraw funds for personal use until certain conditions are met. The setup cost is usually very large and it requires significant amount of time and skills to manage the fund.
Some of the duties required to maintain a superfund includes filing the annual tax return and formulating an investment strategy.