WHAT IS A SMSF
Using a SMSF, you can take control of your superannuation savings and invest them where you choose subject to certain limitations.
You also manage when to sell those investments, when to start a pension and control how pension payments are made.
Every SMSF must meet the following conditions:
• Have no more than 4 members;
• Each member of the fund must be a trustee or director of the trustee company;
• No member of the fund can be an employee of another member of the fund, unless those members are related;
• No trustee of the fund can receive any remuneration for his or her services as a trustee.
The requirement that all members be trustees ensures each member is fully involved in the day to day operations of the fund.
The Australian Taxation Office (ATO) regulates all SMSFs.