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

What is a SMSF Self Managed Super Fund

Like other superannuation funds, a self managed super fund (SMSF) is a way of saving for your retirement.

 

A SMSF is a trust structure with the primary purpose to manage and provide retirement benefits on behalf of its members. The difference between a SMSF and other types of superannuation funds is that the members of a SMSF are also the trustees, which means that the members are ultimately responsible for managing the SMSF and therefore have the flexibility to control and run it to suit their own retirement benefit needs. This “control” aspect is one of the primary reasons members look at setting up their own SMSF.

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.Generally, a SMSF is defined as a superannuation fund where:

 

  • there are four or less members,
  • all the members are trustees (or a director of a corporate trustee of the SMSF),
  • no member of the fund is an employee of another member unless they are related,
  • the trustees are ultimately responsible for managing the SMSF, and
  • no trustees receive any remuneration for their trustee services.

 

A SMSF must pass the ‘sole purpose’ test, that is, it exists for the sole purpose of providing retirement funding for the benefit of the members. A SMSF will give you more control over your super and retirement planning but it’s important to understand the responsibilities that come with being a trustee.

 

With our help, we can guide you through the SMSF legislation and compliance minefield to ensure smooth sailing to your retirement.