Super funds and SMSFs

Self-managed super fund (SMSF)

A self-managed super fund, or SMSF, is a super fund run by its members, who are also its trustees, and who are therefore responsible for complying with the super and tax laws. An SMSF can have a limited number of members and must meet the rules in the Superannuation Industry (Supervision) Act 1993, including the sole purpose test, which requires the fund to be maintained for retirement benefits. Trustees decide the fund's investment strategy, keep its records, arrange an annual audit and lodge an annual return. The ATO regulates SMSFs, and trustees can face penalties for breaches. Many trustees engage professionals for the administration and tax work.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.