DIY Superannuation
DIY Superannuation Fund
What is a self-managed super fund?
A Self-Managed Superannuation Fund SMSF (also commonly referred to as DIY superannuation fund) is simply a specific type of superannuation fund. A SMSF is a fund that meets the following criteria:
* It must have fewer than five members;
* each individual trustee of the fund being a fund member;
* each member of the fund being a trustee;
* no member of the fund being an employee of another member of the fund, unless those members are related; and
* no trustee of the fund receiving any remuneration for his or her services as a trustee.
SMSF’s are designed for people looking for greater choice and control of their own retirement savings. There are a number of requirements set out in Superannuation Law that a SMSF must meet in order to be a regulated fund. These assets are managed by and are the responsibility of the fund trustee.