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To plan your superannuation the first step is to decide what type of fund you will put it in. This decision will be based on where you work. Corporate funds are open to those who work for a certain corporation or particular employer. The employer either runs his own plan or uses an investment manager. Industry funds are open to those working in that specific industry, but in some cases anyone may join them. Retail funds are run by financial institutions and are open to anyone, while the SMSF is only open to you and up to three others.

Make sure the fund you join is what is known as a comply fund. This will enable you to enjoy further tax benefits. There is a list of complying funds on the website of the Australian Tax Office (ATO). Trustees are the people who run the funds. If they don't do their job ethically and honestly, they may be removed by a court or government agency.

All superannuation funds cost money in the form of fees, insurance and charges. Management fees are usually estimated as a percentage of the whole amount, so take care when choosing the fee structure. 1% may not sound much, but over lifetime of 30 years it can cost you 20% of your total. Most funds charge less than 1%, but the range is from 0.03% to 3%.

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Read more about smsf (self managed super fund) and an overview of superannuation fund at the Macquarie Private Wealth website (www.macquarieprivatewealth.com.au).