Are you concerned that your superannuation is not being invested in the best way possible? Have you thought about establishing a Self Managed Superannuation Fund (‘SMSF’), or are you already a trustee or member of an SMSF?
An SMSF is a superannuation fund established by one to four people. The fund is run by trustees/directors who are also members of the fund. The members retain control of the fund, decide how it operates and what the fund invests in.
Recently, SMSFs have become more popular due to the increased responsibility and control they give people over their retirement savings and the possible tax advantages available to members. However, the formation and management of SMSFs are governed by strict legislative and regulatory controls that can change over time. Trustees are also required to keep detailed records and can be liable for significant penalties if the fund is mismanaged. It is important for anyone considering forming or involving themselves in an SMSF to understand these legal issues.