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Self Managed Superannuation Fund (SMSF) vs Other Superfund
| SMSF | Other Superfunds |
| Can have a maximum of four members | Usually no limit on the number of members |
| Trustees are expected to have knowledge of tax and super laws and must make sure their fund complies with those laws | Compliance risk is borne by the professional licensed trustee |
| Trustees make all investment decisions | Most allow you some control over the mix and risk level of your super investments |
| Trustees must consider whether to purchase insurance for their members | Most offer insurance to cover their members |
| Regulated by the ATO | Regulated by the Australian Prudential Regulation Authority (APRA) |
| Disagreements are resolved through alternative dispute resolution techniques or in court, at the member’s own expense | Members have access to the Superannuation Complaints Tribunal |
| No government financial assistance is available to SMSF in the event of fraud or theft | Members may be eligible for government financial assistance in the event of fraud or theft |
Setting up an SMSF
Careful consideration needs to be taken when exploring the option of setting up a SMSF as much more responsibility comes along with it in comparison to other superfunds. This is where our referral partners can determine which option is best for you.
Our licenced referral partners take the following steps to help you set up a SMSF:
- Determine whether to have individual trustees or a corporate trustee
- Create the trust and trust deed
- Appoint your trustees
- Register your fund
- Get an electronic service address
- Prepare an exit strategy
Once the SMSF is set up, our licenced referral partners can offer you extensive advice on contributions and rollovers, investing, paying benefits, winding up and administration.
Contact us if you would like us to introduce you to our referral partner to discuss all things SMSF with you.