SMSF Basics – What is a Self-Managed Super Fund (SMSF)?

What is a Self-Managed Super Fund (SMSF)?

A Self-Managed Super fund (SMSF) works like any other super fund, which all have trustees, but the responsibility of managing it rests solely on you as the trustee. Like all superannuation funds, SMSFs invest contributions and provide a benefit to members on retirement.

Generally, a superannuation fund is an SMSF if:

  • It has four or less members;
  • Each member of the fund is a trustee or a director of the corporate trustee;
  • Each trustee or director of a corporate trustee is a member of the fund;
  • No member of the fund is an employee of another member of the fund, unless they are related;
  • No trustee of the fund receives any remuneration for their services as trustee and;
  • The fund has a trust deed that meets the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
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