Trustees must be at least 18 years old.
Here are some of the guidelines for Trustees:
The maximum number of members a SMSF can have is 4. Under the relevant legislation, a fund can have either a corporate trustee or individuals as trustees of the fund.
In the case of a corporate trustee, all members must be Directors of the corporate trustee and all directors must be members of the fund.
Where there are individuals acting as fund trustees, all trustees must be members and all trustees must be fund members.
The only exception to this rule is for a single member fund. A single member fund can have either a corporate trustee with one or two directors, or, two individual trustees. It is not possible to have a single member fund with only one person acting as the individual trustee.
Other basic requirements for a SMSF are:
See FAQ for the full details of SMSF requirements.
We are an independent family owned business that has specialised in Self Managed Superannuation (SMSF) for more than 30 years..
What is a SMSF?
A Self Managed Superannuation Fund (SMSF) is a Superannuation fund with between 1 and 4 members and is used to accumulate and invest the retirement income of its members.
For 2 to 4 member funds, all members must be trustees (or directors of the corporate trustee) and all trustees must be members. The rules are slightly different for single member funds. See FAQ for the full details.
SMSF’s use a Trust structure and the rules of the fund are contained in the Fund’s Trust Deed.
In addition to the rules of the Trust Deed, trustees of a SMSF are required to act in accordance with Superannuation laws, Income Tax laws and the Corporation Act 2001.
These various laws impose duties, responsibilities and obligations on fund trustees.
Because a SMSF is a separate entity it is required to be audited and to lodge a Fund Income Tax and Regulatory Return annually.
No Minimum Fund Value
but Consider Costs
There is no prescribed minimum level of Superannuation required before you can establish a SMSF. However it is prudent to consider the fixed costs of running a SMSF before you decide to establish such a fund. (See above for the fixed costs of a SMSF).
The Alan Skerritt Consultancy
Windsor Holdings Pty Ltd (ACN 010 018 041 ABN 12 862 040 559)
(Incorporated in Queensland) Trustee
With a SMSF there are certain fixed costs associated with the running of the fund.
There is an initial set-up cost when a SMSF is formed. This is due to the necessity of obtaining an ABN, TFN and a Trust Deed for the fund before the fund can commence to operate.
There are also ongoing compliance costs for the SMSF which includes fees for annual administration and taxation returns.
A SMSF is required to be audited annually and there is an annual levy (currently $200) payable to the tax office on lodgement of the Self Managed Superannuation Fund Income Tax Return.
Other fees may be payable depending on the fund’s circumstances. If at least one member of the fund is in pension mode, pension fees and the cost of obtaining an Actuarial Certificate may apply.