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).