- Superannuation
- Your one SuperSolution for life, built on world class investments.
- Self Managed Super
- Bolster your portfolio with unique investment options
- Retirement
- Financial flexibility, into and throughout retirement.
- Fund investors
- Innovative strategies, traditionally reserved for the world's largest investors
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REQUIREMENTS
Is self managed super right for me?
Self managed super funds are similar to other super funds as they are designed to help you build your super savings so you can have the lifestyle you want in retirement.
The key difference is that all members of SMSFs are trustees and directly control the fund. They are responsible for the fund’s assets and investments, paying the benefits and ensuring that the fund is compliant.
While SMSFs can mean more control and flexibility over your super savings, they are not for everyone as they require a much higher level of time and attention to administer and manage.
Requirements of an SMSF
- Funds can have up to four members and each member is generally a trustee of the fund.
- The fund must operate for the ‘sole purpose’ of providing benefits to its members upon their retirement.
- No member of the fund can be an employee of another member, unless they are related.
- The trustees/members do not receive any remuneration for their services as a trustee.
- Members/trustees of the SMSF are required to prepare and implement an investment strategy for their fund. This provides a framework and direction for the investment of contributions.
- The fund has wide flexibility in investment choices. Direct property, managed investments and direct shares can all be included in an SMSF portfolio.
The key issue with SMSFs is that members/trustees are ultimately responsible for ensuring that the SMSF remains compliant with the law. The responsibilities and obligations are numerous so it is important to discuss with your financial adviser whether an SMSF is for you.