A Self-Managed Super Fund (SMSF) is a type of retirement savings account that allows individuals to manage their own superannuation investments. Unlike traditional super funds, where a professional manager handles the investments, SMSFs give members full control over their financial decisions. This means they can choose how to invest their money, whether in stocks, property, or other assets. Setting up an SMSF requires compliance with specific regulations set by the Australian Taxation Office (ATO). Members must also ensure proper record-keeping and reporting to maintain the fund's compliance. While SMSFs offer flexibility, they also come with responsibilities that require time and knowledge to manage effectively.