What is an SMSF
A Self-Managed Super Fund (SMSF) is a type of superannuation trust structure that is used to provide retirement benefits to its members. You manage an SMSF yourself and the main difference between an SMSF and other types of Superannuation Funds is that you take on the role of Trustee in addition to being a member of the fund.
An SMSF is a legal construct and as such the SMSF Trust Deed is pivotal to every aspect of an SMSF. It is therefore important to take the time to choose an appropriate trust deed provider and to understand the trust deed rules.
An SMSF can have between 1 and up to 6 members who are family or friends. Commonly SMSF’s have 2 members who are normally members of the same family.
The relevant legislation for the establishment, management and wind up for SMSF’s is the Superannuation Industry (Supervision Act) 1993.
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Find out more about how Lifetime SMSF helps clients manage their Self Managed Super Funds here
The information contained in this website is purely factual in nature and does not take account of your personal objectives, situation, or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. It is not intended to be financial product advice, legal advice, or tax advice and should not be relied upon as such. It is provided for the use of a Self-Managed Superannuation Fund Trustee or a person who has already made the decision to establish a Self-Managed Superannuation Fund only. In no circumstances, is it to be used by a person for the purposes of making a decision about establishing a Self- Managed Superannuation Fund. Lifetime SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice you should consult an appropriately licensed or authorised financial adviser. Liability limited by a Scheme approved under the Professional Standards Legislation.
