Superannuation funds are long-term savings vehicles designed to help provide an income to you in retirement. They offer a number of tax concessions, for example:

• when you contribute, you can invest 'before tax dollars' through salary sacrifice or claim a tax deduction in some circumstances for personal contributions
• while your money is invested, you benefit because complying superannuation funds are concessionally taxed, with a maximum tax rate of 15 per cent and
• when you receive the benefits, you generally won't pay any tax on them if you are aged 60 and over.

'Do-it-yourself' superannuation funds such as self managed super funds (SMSFs) are flexible vehicles that can enable you to effectively manage your retirement assets. SMSFs can have up to four members, and give the members the ability to invest their super directly into a wide variety of assets, including shares and real estate. They also allow members more influence over the way their SMSF is managed, and the benefits it provides.