At MGB, we are tax accountants & business advisors supporting all kinds of people and business in their accountancy & taxation needs. We also offer financial planning & lending services.
Suite 1, Level 1, Garden Court, 360-362 The Horsley Drive,
Fairfield Sydney NSW 2165
P.O.Box 982,
1300 784 314,
0418 145 517,
02 9726 2819
Norwest Business Park, Suite 5 Building B, 34-46 Brookhollow Ave
Baulkham Hills NSW 2153

Self-Managed Superannuation funds

What is a SMSF?

A self managed super fund (SMSF) is a small superannuation trust. Its main purpose is to provide retirement benefits to its members. The members themselves act as trustees, so they actually control and run the super fund.

A SMSF functions in the same manner as other types of superannuation funds, since the trustees hold the assets of the fund for the benefit of the members. In a self managed super fund the members are also the trustees so they hold the assets, and have complete security, control and flexibility over their own superannuation.

As trustees, the members develop the investment strategy, make investment decisions and invest accordingly.

A SMSF can invest in almost any investment products, subject only to specific restrictions, commercial and residential property directly, and more exotic assets.

By definition, a SMSF is a superannuation fund where:

  • There are less than five members,
  • All members are trustees, and
  • No trustee receives any remuneration for their trustee services.

The only exceptions are cases of a single member self managed super fund, or a SMSF with a corporate trustee.

The most common arrangements for a single member SMSF are:

  • Two trustees: one is the member and the other a relative;
  • The body corporate is the trustee: the member is the body corporateā€™s sole director; or
  • The member is one of only two directors of the body corporate, and the other director is related to the member.

A self managed super fund can also have a corporate trustee with more than one member. In this case, all members of the SMSF must be directors of the body corporate, and all directors must be also be members.
In summary, almost anyone can set up a SMSF.

General Advice Warning

This is issued by Michael G Bridges an authorised representative of GWM Adviser Services trading as MLC Financial Planning. This information might contain unsolicited general information only, without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor and is not intended to be passed on or relied upon by any person. Before making any decision about the information provided, an investor should consider the appropriateness of the information in this document, having regard to their objectives, financial situation and needs and consult their adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance.

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