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.
MGB PUBLIC ACCOUNTANTS - FAIRFIELD:
Suite 1, Level 1, Garden Court, 360-362 The Horsley Drive,
Fairfield Sydney NSW 2165
Australia
P.O.Box 982,
1300 784 314,
0418 145 517,
02 9726 2819
MGB PUBLIC ACCOUNTANTS - BAULKHAM HILSS:
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 corporate’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.


Testimonials testimonials

Read what our customers
have to say.

Read More
 
Book a Consultation Book a Consultation

Book for a financial wealth check up

Book Now
 
Special Offers! Special Offers

Call us for tax minimisation stratgies

phone number02 8488 6260

 

 
 
Business Advice
Debt Control
sign-up to our newsletter