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 a retirement account) 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. The largest Australian Super fund is 'Australian Super'