“SMSF” stands for Self-Managed Superannuation Fund and is a way of saving for retirement. They differ from other types of super funds in that the members of the fund are also the trustees.

This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws.

A SMSF must have fewer than 5 members and be maintained for the sole purpose of providing retirement benefits to the members or their dependants in the event of death.

Check out our blog on setting up a SMSF here.