1. This is the best choice for you

  • An SMSF is a significant financial decision.

  • It is the responsibility of the trustees to manage the fund and comply with all laws.

  • The right advice is essential. Also, consider whether you have the knowledge, time, and skills to manage super.

  • It is important to consider the financial resources and smsf tax return assets required to make it financially viable. 

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2. The roles and responsibilities of trustees

  • A Self Managed Superannuation Fund may have up to four members.

  • You must also be a trustee to become a member.

  • Although you can be a trustee for a company, all members must be directors.

  • All trustees have a responsibility for running the fund. They should ensure that all members are happy with any decisions made.

  • To ensure that the fund maintains its compliance status, the trustees must comply with taxation and superannuation laws. They are entitled to superannuation tax concessions.

3. Responsibility and accountability

  • SMSF professionals can be hired by trustees to fulfill mandatory duties and tasks. This includes auditing, reporting, and tax administration.

  • A professional can be a lawyer, administrator, or accountant.

  • Although trustees can engage the services professionals, they still have to maintain control over the funds.

  • The ultimate responsibility for the fund will be with the trustees.

4. Retirement planning strategies

  • You have many options for retirement planning strategies to help you achieve your goals.

  • To maximize your SMSF returns, seek professional advice from a financial advisor or lawyer to help you plan your retirement.


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