The Australian Taxation Office describes Self-Managed Super Funds (SMSFs) here, saying
"SMSFs are a way of saving for your retirement. The difference between an SMSF and other types of funds is that, generally, the members of an SMSF are also the trustees. This means the members of the SMSF run it for their own benefit.
When you set up an SMSF, you become a trustee of the fund (or a director of a company that is a trustee). In either case, you will be responsible for managing it according to its trust deed and the laws and rules that apply to SMSFs. The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to members. You need to manage your fund’s investments in the best interests of fund members and in accordance with the law. The SMSF's investments must be separate from the personal and business affairs of fund members, including your own.
SMSFs are not for everyone and you should think carefully before deciding to set one up. It is a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings. Either way you should get professional advice. (Our emphasis)"
Prosperity Accounting Solutions are well aware of the many regulations governing SMSFs, and provide the professional advice the ATO recommends. We work with you through the entire process of setting up, managing, paying out and eventual winding-up of your SMSF in ways that will maximise your personal wealth.
To find out more contact us today on 02 6281 5843.