Self Managed Super

What is a Self-Managed Super Fund?

• Has less than 5 members;
• Each individual trustee of the fund is a fund member;
• Each member of the fund is a trustee;
• No member of the fund is an employee of another member of the fund, unless those members are related;
• The trustee can be a corporate entity;
• No trustee of the fund receives remuneration for his or her services as a trustee; and
• A SMSF is registered with, reports to and is regulated by the Australian Taxation Office

Self managed superannuation funds comprise 20% of the superannuation industry and, at 31 December 2003, had approximately $125 billion in assets under management.

There are around 300,000 self managed super funds, and the number of funds is growing at about 2,500 a month. The average account balance of a self managed super fund is $235,000. As individuals’ super assets have grown, many people have sought to gain control over the day-to-day management of their superannuation.

The membership spread among self managed super funds is:

• One member 21%
• Two members 65%
• Three members 7%
• Four members 7%

To decide if a SMSF is the right decision for you contact us to arrange a free initial interview with a WealthSure adviser.