SMSF Meaning:
A self-managed superannuation fund (or SMSF) is what you have if you’re Australian and you’ve chosen to set up your own superannuation (that is, retirement) fund for yourself, or for yourself and up to three other people.

SMSF Example:
The main reason to set up a SMSF rather than have a superannuation account with a large superannuation trustee is so that you get to make all of the investment decisions yourself. The downside is that there are also a lot of rules that must be complied with.