What is a SMSF?

Self Managed Super Funds comprise members who are also trustees. As members, you’re responsible for operating the fund’s accounts, which includes contributions, roll-overs, investment incomes etc. that are deposited into the accounts.

Members also manage the fund’s investment strategy and the acquisition and disposal of any assets attached to the fund.

Funds can accept contributions to superannuation from all sources, including:

• compulsory contributions from employers
• salary sacrifice contributions, where you have set this up with your employer
• after-tax personal contributions
• government co-contributions
• transfers and roll-overs from other superannuation funds.

The self managed fund can also offer its members tax-deductible insurance cover for the following:

• life and TPD insurance
• income protection insurance.

  What’s involved in running a self managed super fund?