Chapter 8
Self managed super funds (SMSFs)
As technology advances, it reverses the characteristics of every situation again and again. The age of automation is going to be the age of ‘do it yourself’.
Marshall McLuhan, Canadian philosopher
A self managed super fund (SMSF) is a superannuation fund that has four or fewer members and is controlled by the members with the sole purpose of providing retirement planning benefits to members or their beneficiaries. The members are the trustees (the two words ‘members’ and ‘trustees’ are virtually interchangeable when talking about self managed superannuation funds).
Self managed superannuation funds are regulated by the Australian Taxation Office (ATO) and not by the Australian Prudential Regulation ...
