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

http://www.successionplus.com.au/index.php/our-process/wealth-management/self-managed-super-funds-australia/

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).
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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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