FIFO worker faces penalties and loses control of retirement savings due to SMSF mismanagement.

A FIFO (fly-in, fly-out) worker's self-managed super fund (SMSF) has fallen into disarray, highlighting the risks of managing one's own retirement fund without proper knowledge. The worker faced significant financial penalties and lost control over their retirement savings due to non-compliance with regulations. This case serves as a warning for others considering SMSFs to ensure they fully understand the responsibilities involved.

November 18, 2024
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