What is a Self Managed Super Fund?
A Self Managed Super Fund (SMSF) is essentially a small superannuation fund whose members take control of their investments directly.
There are usually 3 parties involved in running a SMSF.
SMSFs have the following characteristics
- Up to 4 members
- Each member must be a trustee of the fund and the trustees do not get paid for their duties
- A trust deed that complies with the Superannuation Industry Supervision Act 1993 (SIS Act)
- Strict compliance obligations that must be adhered to
- Lodgement of annual regulatory and tax return