A Self Managed Superannuation Fund (SMSF) is a superannuation structure that provides benefits to its members upon retirement. The main difference between a SMSF and other superannuation funds is that the SMSF members are also the trustees of the superannuation fund. Key features include:
- Can have up to 4 members
- Each member must be a trustee of the fund and the trustees do not get paid for their duties
- Trustees responsible for making their own investments
- A trust deed is required to be established that complies with the SIS Act
- Financial statements and Tax Return required to be prepared and audited annually
- ATO imposes strict compliance obligations which must be adhered to
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