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Welcome to the My SMSF Trustee/Member Education Course!

This course will introduce you to Self-Managed Super Funds (SMSFs), helping you understand the benefits and risks of operating an SMSF. By the end of this course, you’ll be equipped with the knowledge to decide if an SMSF is the right choice for your financial future.

 

Introduction to SMSFs

An SMSF (Self-Managed Super Fund) is a private superannuation fund that you manage yourself. As an SMSF trustee and member, you have control over how your retirement savings are invested.

Quick Check: What does SMSF stand for?

  1. a) Super Money Savings Fund b) Self-Managed Savings Fund c) Self-Managed Super Fund (Correct) d) Special Managed Super Fund

SMSF Structure and Membership

  • Membership: SMSFs can have one to six members.
  • Trustees: All members must also be trustees (or directors if using a corporate trustee structure).

Two Main Structures:

Structure

Details

Individual Trustee

Requires at least two members/trustees

Corporate Trustee

Can have one to six members/directors

Trustee Requirements

To be a trustee of an SMSF, you must:

  1. Be Legally Eligible:
    • 18 years or older
    • Mentally capable of making decisions
    • Not bankrupt
  2. Have a Clean Record:
    • No convictions for dishonesty
    • No violations of super, tax, or corporations laws
    • Not banned or disqualified by a court or regulator
  3. For Corporate Trustees:
    • Company must be solvent
    • Directors must have a clean ASIC record

Quick Check: Can a person under 18 be an SMSF trustee?

  1. a) Yes b) No (Correct) c) Only with parental consent d) Only if they’re the sole member

Types of Super Funds in Australia

Fund Type

Description

Industry Super Funds

Not-for-profit funds linked to specific industries, managed for the benefit of their members.

Retail Super Funds

Managed by financial institutions, open to everyone with a variety of investment options.

Public Sector Funds

Exclusively for government employees.

Small APRA Funds (SAFs)

Similar to SMSFs but with a professional trustee regulated by APRA.

Additional Resources

ASIC’s MoneySmart SMSF Guide: MoneySmart SMSF Guide

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