A Self-Managed Supperannuation Fund (SMSF) is a special type of trust designed for the sole purpose of providing a greater degree of control and flexibility when it comes to tailoring your super fund to meet your retirement needs, now and in the future.

You should carefully consider which option is best to provide for your retirement. If you’re thinking about setting up an SMSF, consider these six areas:

1. Consider your options and seek professional advice
2. Make sure you have enough assets, time, and skills
3. Understand the risks and laws
4. Make sure your trust deed and investment strategy are tailored to suit the members
5. Make sure you can meet your record keeping and reporting obligations
6. Make sure you understand the auditing obligations

For detailed information, download this in-depth brochure.

The problem is most people don’t understand the complexity, compliance and administrative requirements involved in setting up and running an SMSF. Getting it right requires a significant investment of time, knowledge and expertise. If you don’t have all three, then doing it yourself could become your biggest nightmare and there could be serious consequences for you and your fund.

A Self-Managed Supperannuation Fund (SMSF) is a special type of trust designed for the sole purpose of providing a greater degree of control and flexibility when it comes to tailoring your super fund to meet your retirement needs, now and in the future. Like other super funds, SMSFs are a way of saving for your retirement. Generally, the main difference between an SMSF and other types of funds is that members of an SMSF are the trustees. This means the members of the SMSF run it for their own benefit.

While we recommend you always seek professional advice before making any financial decision, we will help you make sure you have covered the essentials by:

• helping you understand how you can structure your fund
• providing the stepss you need to take to set up your fund and start operating it
• explaining your obligations and responsibilities
• helping answer any questions you may have.

For detailed information, download this informational brochure.

SMSFs are not suitable for everyone, and you should think carefully before deciding to set one up. It is a major financial decision and you need to have the time and skills to do it.

Generally, as an Australian resident, you can choose to direct your super guarantee payments and your personal super contributions either to an independently managed super fund or to your own SMSF.

SMSFs have the same role as other regulated super funds; the difference is, generally, that the members of an SMSF are also the trustees. They control the investments of their SMSF and the payment of their benefits.

For your fund to be an SMSF it must meet several requirements under super law. Requirements differ depending on whether your fund has:

• individual trustees
• a corporate trustee (company)
• a single member

Individual Trustee
If your fund has individual trustees, it is an SMSF if ALL of the following apply:

• it has four or fewer members
• each member is a trustee
• each trustee is a member
• no member is an employee of another member, unless they are related
• no trustee is paid for their duties or services as a trustee

Corporate Trustee
If your fund has a corporate trustee, it is an SMSF if ALL of the following apply:

• it has four or fewer members
• each member of the fund is a director of the corporate trustee
• each director of the corporate trustee is a member of the fund
• no member is an employee of another member, unless they are related
• the corporate trustee is not paid for its services as a trustee
• no director of the corporate trustee is paid for their duties or services as director of the trustee of the fund

For more in-depth information on running an SMSF, download this informational brochure.

You need to manage your fund’s investments in the best interests of fund members and in accordance with the law. And you need to separate your fund’s investments from the personal and business affairs of fund members, including your own.