What is a self managed super fund?

Aself- managed super fund (SMSF) is a private superannuation fund incorporating no more than 6 members that can be set up and managed personally by yourself. In the usual scenario, an employer would pay your super contribution into a larger retail or industry fund which then invests it along with millions of other dollars into low-risk and long-term yielding instruments. An SMSF however, gives you the sole responsibility of managing the investments that the fund undertakes, around which there are extremely strict rules and regulations.

How does an SMSF work?

An SMSF can have no more than six members in total and all members need to be signified trustees of the fund or directors of the company if involved in a corporate trustee structure. One of the foundational rules of any superannuation fund is that the fund must be run for the sole purpose of providing retirement benefits, as stated in the Superannuation Industry (Supervision) Act 1993 (SIS Act). Members who elect to run an SMSF must be responsible for investing the funds appropriately and must have an investment strategy that accounts for risk profiles of all members.

How can I set up an SMSF?

Setting up an SMSF isn’t the simplest of tasks. It can become so complicated that the ATO has released a 30page paper on how to actually do it properly, which can be found here. Firstly, you need to decide whether you want an individual trustee or a corporate trustee structure. Then you need to appoint your trustees, after making sure they meet all the eligibility requirements they must sign a trustee declaration form within the first 21 days of consenting to become a trustee. Next comes one of the most important steps of the process, creating your trust deed. It sets out how your fund will be managed and what it will be able to do. Your fund needs to be registered with the ATO within the first 60 days of establishment to then receive a TFN and ABN from them. Then you can set up a bank account in order to purchase/sell assets. Lastly, you will need an investment strategy which needs to clearly state the fund’s investment goals and the types of investments it can make. There is no specific documentation needed but there needs to something in writing and it must be reviewed regularly.

What are the rules?

There are thousands of rules, regulations and requirements when it comes to an SMSF. Firstly, you need to appoint and pay for your own auditor, who will audit the fund every year. Secondly, you need to keep all records and statements for at least five years, and in some instances ten years. Thirdly, you need to value your assets at least annually as well as complete your annual return every year. You will need to organise and conduct trustee meetings, minute and scribe those meetings, and discuss/review your funds investment strategy regularly. These are just some of the highlight rules when it comes to an SMSF, there are thousands more.

Why should I get one?

The main reason people elect for an SMSF is control. You will know exactly where your superannuation funds are invested and usually, you will be able to track them every day. If you love to invest or have a knack for financial instruments, you may choose to have an SMSF. In some cases, there are even cost advantages of having an SMSF. However, these really start becoming evident after you cross approx. $200,000 in your SMSF account. After this threshold is crossed, it is cheaper to own your own fund than to invest it with a larger retail fund.

Why shouldn’t I get one?

At the end of the day, you will be responsible for whatever happens in your fund. That includes the gains, but also the penalties, fines, breaches, disqualification of trustees and sometimes even criminal penalties. Also, for it to be profitable/ competitive with retail superfunds, you need at least $200,000 to begin with. Those with less than $100,000 or $50,000 are more expensive to manage than retail funds.

All articles are general in nature. Individuals should seek expert advice before acting on any information contained in Active Retirees.

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