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Taking control of your superannuation

An SMSF, or self-managed super fund is a way to save for retirement. It’s different from other super funds because it is controlled by you and regulated by the Australian Taxation Office (ATO).

By choosing to manage your super through an SMSF, you are electing to take direct responsibility for both:

  • The selection and management of the fund’s investments; and
  • The compliance of the fund itself.
What is an SMSF

How does an SMSF work?

An SMSF is a trust structure, requiring a trustee. The trustee is legally responsible for the management of the fund’s assets and has the job of running the fund and ensuring it remains compliant.

To comply with the law, an SMSF needs to:

  • Have four or less members
  • Each member of the fund also needs to be either an individual trustee, or a director of the corporate trustee
  • No member of the fund can be employed by another member of the fund unless those two people are related
  • The trustees of an SMSF cannot receive any remuneration for performing that role.
Learn more on the ATO website
How does an SMSF work

Can you have an SMSF with only one member?

You can have an SMSF with only one member, but there are different rules that apply. For example, the law does not allow a single member fund to have a single individual as trustee, so a company trustee is required.

Learn more on the ATO website

Talk to an SMSF specialist

Things you should know:

This information is prepared by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Registered office: Ground Floor, Tower 1, 201 Sussex Street, Sydney, NSW 2000. For terms and conditions of the products mentioned, please visit any of our branches, or call us on 1800 138 363, Monday to Friday, 8.30am to 5.30pm AEST.

Commonwealth SMSF (the ‘Administration Service’) is a service offered by CommSec to assist in the administration and (where necessary) the establishment of self- managed super funds. CommSec has engaged SuperIQ Pty Ltd ABN 27 147 105 164 AFSL 406690 to provide self-managed super fund administration services and related technology services in relation to the Administration Service.

The information contained may include general advice but does not take into account the investment objectives, financial situation and needs of any particular individual or trustee of a self-managed super fund. You should assess with the help of legal, financial and taxation advice, whether the information is appropriate in light of your own circumstances before acting on it.