No doubt, 'Consider a Self-Managed Super Fund' sits somewhere on your list of Things I Really Should Do One Day, but it comes after taking that bag of old clothes to Vinnies and arranging your herbs and spices in alphabetical order. We get it, superannuation doesn't feel like a priority, but avoiding decisions can also cost you in the long term. There's a reason why we'd slip it into a column called Go & Grow.

At the end of June last year, only 4% of Australians had opted in to manage their own Super. At Blossom App, we wondered: Is that because people don't know what it is, or because they really would prefer to hand the control over to someone else?

Breaking down complexity is our thing, so if an SMSF is on your list at all, here are the highlights:

An SMSF is a private super fund that you manage yourself, unlike industry or retail super funds which are typically managed by banks, investment companies, and other financial establishments.

If you're into control and transparency, SMSF delivers. As the trustee of the fund, you can invest in assets that match your risk profile and financial goals. You can see the exact taxable income of the fund, all the deductions, the exact net tax rate - a level of detail you don't get in most retail funds. One significant advantage, particularly for tax planning, is you have the flexibility to strategically manage Capital Gains Tax, potentially saving a significant amount on taxes. If you're a small business owner, you can even use your SMSF to purchase commercial property. An important factor is that you get to choose who receives your super benefits if anything ever happens to you, either through a binding or non-binding nomination.

Like any investment, you may not get the returns you expect. Whilst any potential losses may not impact you directly today, when they do, you'll have less freedom and potential to do anything about it. If you lose money unexpectedly (ie, through theft or fraud), you can't benefit from special compensation schemes or take it to the Australian Financial Complaints Authority (AFCA). If you leave your job, or get ill, you're still responsible for managing your fund. Even if you get support from a professional, like a financial adviser - which is totally acceptable - you're still personally liable for all the fund's decisions.

Deciding whether a SMSF is for you relies heavily on gaining the expertise to confidently manage it - so the best advice really is like we said in the beginning. Go & Grow.

READ MORE:

Sisters Ali & Gaby Rosenberg are the co-founders of Blossom App.