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

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.

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

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  1. What is a Self-Managed Superannuation FundLeigh 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

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