A self-managed superannuation fund (SMSF) provides benefits to members when they retire, or to their beneficiaries if they pass away before retirement. In contrast with other funds, SMSF members are also fund trustees who can tailor the fund to meet their individual needs. The laws and regulations around SMSFs can be complex, with major consequences for non-compliance. Our SMSF experts help clients manage their SMSFs to reassure them that they’re meeting all legal requirements and building a strong financial future for themselves.

In this section, you’ll learn more about setting up and managing a self-managed super fund.

SMSF Trustees

Every SMSF needs a trustee to control the fund and make investment decisions. This can be either a corporate or individual trustee. Under an individual trustee structure, each member is a trustee. At least two trustees are needed and all must be over 18. Under a corporate trustee structure, a company is the trustee and each member is a director. There are fees to set up this structure. However, it has advantages, such as simpler asset recording and registration, administration efficiencies and flexible membership.

Trustee Responsibilities

An SMSF trustee creates an investment strategy for the fund and makes all the investment decisions. They also have to meet strict requirements for recordkeeping, financial statements, tax returns and independent audits. They often get someone to manage these important areas. Our SMSF experts can manage a fund’s accounting, auditing and tax reporting, and provide sound financial and investment advice. However, the trustee always remains responsible for the fund even if they hire someone to help manage it.

How Vault Can Help You

If you’re considering setting up a self-managed super fund, we can assist you by:

  • determining whether an SMSF is right for your situation
  • helping you meet your responsibilities as a member and trustee
  • providing accounting, auditing and tax reporting assistance
  • giving you regular financial and investment advice.

Start by contacting one of our Vault experts for a chat and download our SMSF ebook for more information.