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Self Managed Superannuation Funds.

When Superannuation Choice of Fund (self managed superannuation) arrived and became a choice for fund members all over Australia, more people than ever were asking themselves if (SMSF) was for them.

Self Managed Superannuation Fund

But what is a self managed superannuation fund (SMSF) anyway? In order to be an SMSF a fund must meet the definition of SMSF in section 17A of the SIS Act. Among other things the fund must have less than five members and all members must either be a trustee or a director of a corporate trustee.

What is an SMSF?

A superannuation fund is a self managed superannuation fund (SMSF) if it meets the following conditions:

1. Must have less than 5 members.

2. As a fund trustee you must be a fund member.

3. Each member of the fund must be a trustee;

4. No member of the fund is employed by another member of the super fund, unless those members are related;

No trustee of the fund receives any remuneration for his or her services as a trustee.

The requirement that all members be trustees ensures that each member is fully involved and has the opportunity to participate in the decision-making processes of the self managed superannuation fund.

This promotes true self-management. The Tax Office regulates funds that meet the definition of an Self Managed Superannuation Fund.

About The Author

Steve Szasz is the owner of Finance Control Panel .

You can use this Superannuation Calculator to calculate how much Superannuation you will need to retire comfortably.

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