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

• A SMSF is a type of super fund where the members of the fund have greater control over the money in their fund and have a wider choice of investments options available. SMSFs are often used for investment in property. The members of a SMSF are often members of a family.
• A SMSF must be set up for the sole purpose of providing benefits to members on retirement. Contrary to common belief money under the SMSF cannot be accessed early by its members.
• Each member of the fund is also the beneficiary, trustee and director of the trustee company.
• The Australian Tax Office strictly regulates SMSFs and non-compliance can lead to imposition of severe pecuniary penalties.
• SMSF have lower annual fees and better tax advantages than other funds.
• Setting up and running a SMSF is a very complicated task and it is imperative to get legal and financial advice when considering if a SMSF is suitable for you.
• You can use our LegalPlan™ membership to ask lawyers for tenders or a Fixed Fee Quote in relation to your Self-Managed Super Fund establishment needs.