Trust and SMSF
A self managed super fund (SMSF) is a special type of trust created and managed in accordance with superannuation legislation. It therefore requires an SMSF trustee to control and make decisions for the fund and ensure it complies with the super rules. In a retail fund, a board of trustees makes the decisions for all fund members, but in a self managed super fund, each member is also a trustee, or a director of the SMSF trustee company.
When considering setting up an SMSF you’ll need to decide whether to have an individual or corporate trustee structure. And the structure you choose can have several lasting implications for how you administer your fund, the rules you need to abide by, and costs (among other things). So it’s important to understand what you’re getting into, and consider each structure carefully, prior to establishing your fund.
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