What is a Self Managed Superannuation Fund?
A small fund run by its members for strategic retirement planning.
A family business may elect to administer their own superannuation in order to control the investment decisions and avoid costly administration charges.
Where trustees are individuals, the fund may have more than one but less than five trustees (minimum of two). If trustees are individuals, all members must be trustees or must be related and receiving no remuneration for services. Where the trustee is a constitutional company, all members of the fund must be directors of that company and all directors of that company must be members of the fund.
Self Managed Super Funds are now regulated by the ATO and must comply with the new rules to avoid heavy penalties and possible loss of preferential tax status.