An SMSF is a private superannuation fund regulated by the Australian Tax Office (ATO) who checks the compliance of the SMSF on an annual basis. An SMSF comprises no more than 4 members all of whom are trustees of the SMSF, all of whom are personally liable for all decisions made by the SMSF.

1. What is a Self-Managed
Superannuation Fund
Leigh Barker Tangible Assets

2. A self-managed superannuation fund (SMSF) is a trust
structure managed by its members to provide benefits to
these same members upon retirement.
An SMSF operates under similar rules and restrictions as
ordinary super funds.
An SMSF is designed for its members to have direct control
over their retirement savings and investments.

3. An SMSF is a private superannuation fund regulated by the
Australian Tax Office (ATO) who checks the compliance of
the SMSF on an annual basis.
An SMSF comprises no more than 4 members all of whom
are trustees of the SMSF, all of whom are personally liable
for all decisions made by the SMSF.
All members must be trustees and all members are
responsible for decision making and compliance with
relevant laws.

4. An SMSF is established for the sole purpose of providing
benefits to members in retirement.
An SMSF is a vehicle to save for your retirement.
An SMSF may either have a corporate trustee or an
individual trustee who is responsible for making investment
decisions and implementing the investment strategy of the
fund.

5. It is important that the assets of an SMSF are separated from
those of the trustee.
As such an SMSF is required to have its own tax file number
(TFN), an Australian business number (ABN) and its own bank
account into which all SMSF deposits and payments are made.
In addition, all investments are to be made in the name of the
SMSF. The failure to separate assets is a clear contravention of
super legislation and associated regulations.

6. Leigh Barker Tangible Assets
Please note: Prepared by Leigh Barker Tangible Assets,
Accountant, Portfolio Finance, Gordon, West Pennant Hills and
MWC Group.
Note that all content of this blog is general in nature and anyone
intending to apply the information to practical circumstances
should seek professional advice to independently verify their
interpretation and the information’s applicability to their
particular circumstance