Self Managed Superannuation Funds

A self managed superannuation fund ('SMSF') is a way of saving, or investing, for your retirement. Unlike other types of superannuation funds, the members of the SMSF will also act as the trustee and therefore control the superannuation fund. This provides flexibility in terms of the way in which the superannuation fund’s assets are invested and the types of investments that the fund participates in.

This simple form will help you, your accountant or your financial adviser to establish your self managed superannuation fund. Here are some important things you will need to know before you start:

1. A self managed superannuation fund cannot have more than 5 members;
2. All members of the self managed superannuation fund must also be trustees. This can be achieved by each member being a personal trustee, or by a trustee company being established and all members being directors and shareholders of that corporate trustee. You can set up a corporate trustee using HHG Fixed Fee Essentials’ company set up form.
3. If the self managed superannuation fund is to have only 1 member, then the trustee must be a corporate trustee (of which the sole member will be the sole director and trustee) or alternatively the member must appoint an associate to act as co-trustee. The co-trustee will not be a member of the fund;
4. Self managed superannuation funds must satisfy ongoing regulatory compliance. As part of this the rules governing your fund will need to be regularly updated as laws and rules change. You can order an update to your fund at any time via HHG Fixed Fee Essentials.

A self managed superannuation fund is not right for everybody. You should seek personal legal, accounting and financial planning advice before proceeding to purchase this product. Superannuation is a highly complex area of the law. The above does not constitute legal advice; it is generic information only.