Definition and basic idea

• A managed investment scheme (MIS) in Australia is a pooling vehicle: many investors contribute money (or something of value) to acquire interests in the scheme, the contributions are pooled or used for a common purpose, and investors do not have day-to-day control over how the scheme is run. (Dentons)
• The Corporations Act 2001 (Cth) governs them. There are registered schemes (with specific regulatory obligations) and unregistered schemes. If you have 20 or more members, or a person promoting the scheme, then registration with ASIC is generally required unless only wholesale investors are involved. (Dentons)
• Let's now dig deeper into how managed funds work.

Self-Managed Superannuation Funds (SMSFs) have become an increasingly popular choice among Australians who want more control over their retirement savings. According to the Australian Taxation Office (ATO), there are over 610,000 SMSFs with more than 1.1 million members, controlling nearly one-third of the country’s superannuation assets.

While SMSFs offer flexibility, tax strategies, and the ability to invest in a broad range of assets—including direct property and private equity—the decision to set one up without professional advice carries serious risks. Many Australians are turning to online super funds, “no advice” platforms, or DIY approaches to establish their SMSF, assuming that cost savings outweigh the need for guidance. However, evidence suggests the opposite: the absence of professional advice can expose trustees to compliance risks, poor investment outcomes, and long-term financial loss.

This article compares the risks of a no-advice SMSF setup against the benefits of working with a qualified financial planner, highlighting why tailored, ongoing advice is critical for achieving retirement goals.

According to the Australian Taxation Office (ATO), approximately six million superannuation accounts or “supers” were “lost” in 2014. The accounts were valued at more than $16 billion. (1) There are many individuals who may have lost superannuation that they are not aware of.

These accounts, however, can be “found.” The proper account holder merely needs to claim the account. There is a chance that you have a lost superannuation that you don’t know about. (2)

There are a lot of Australians who own more than one superannuation account. Each of these funds has its own charges and fees. According to our parent company, AMP Capital, you may have money scattered across multiple supers, both active and lost. This could cost you thousands of dollars over the part of your lifetime you spend working. The good news: you can save thousands of dollars by finding a lost superannuation or supers and consolidating them into one account. (

One of the many financial services we offer at Approved Financial Planners is help with your superannuation fund. Whether you choose self managed superannuation or any of the super funds available to you, we can provide sound financial advice and improve your understanding of superannuation.

How Superannuation Works

Money is placed into your superannuation account, also known as a “super account” or “super,” by you, your employer or both. The money in your super fund is then invested with the intent of it growing in time, even though it will occasionally return a negative result for the year. *

As a super grows, the money earned is reinvested and also earns a return, helping your balance grow even more. On member contributions for which you claimed a tax deduction or on contributions from your employer, your tax is only 15% of any contribution up to $30,000 per year. The $30,000 limit is known as the “concessional contributions cap.” *