What is an SMSF?
A SMSF is a smaller, member controlled fund, which can offer greater control over providing for your retirement. The members are usually the Trustees of the fund which allows them to have a greater influence over the strategy and operations of the fund. This includes;
- allowing you to tailor your SMSF’s investment strategy;
- allowing greater control in how your fund is managed;
- having greater transparency over the fees your SMSF is being charged; and
- controlling the payments of allowable pensions.
There are a number of legislative requirements that need to be met for your SMSF to be compliant, these include (however are not limited to):
- the SMSF should not have more than four members;
- the Members will generally act as trustees for the fund;
- the SMSF needs to be operated for the sole purpose of providing retirement benefits; and
- the members can not access their retirement savings before they are permitted.
With great control, comes great responsibility…as Trustee of your own fund you will be required to ensure that your SMSF remains compliant with SIS legislation and regulations.
You can take on these additional responsibilities or you can outsource to professional providers…this is where iSUPER® can help.