What is a SMSF?
An SMSF basically operates under the same superannuation and tax laws that apply to an institutional superannuation fund, but differs in the following ways:
- A maximum of 4 fund members.
- The members are the trustees and all members are involved in trustee decisions.
- There can be no payments made to trustees for services provided.
- It is possible to set up a corporate trustee and each member of the fund has to be a director of the corporate trustee. There are some distinct advantages in running your fund with a corporate trustee.
- All investments are held directly in the name of the trustees or the corporate trustee; there is no third party ownership of any investment assets.
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