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Self-Managed Super Fund

A Self-Managed Super Fund is a super private fund that you manage yourself. SMSFs give their members control, flexibility, and a choice over how their retirement savings are invested. Sometimes choosing an SMSF is due to the poor performance of an existing public fund. According to the Australian Taxation Office, there are over 600000 SMSFs in Australia. 

SMSF Regulations

An SMSF must be set up for the sole purpose of providing retirement benefits to its members. Setting up an SMSF involves creating a legal tax structure with either individual or corporate trustees. Trustees manage the SMSF’s assets and are responsible for ensuring the fund’s ongoing legal compliances. All members of an SMSF must also be its trustees. If a fund chooses to have a corporate trustee, each SMSF member must be a director of the company concerned. The company must be registered with the Australian Securities and Investments Commission (ASIC), and each director of that company must also be a member of its corresponding SMSF.

To be eligible to become a member of an SMSF, a person must consent to become a trustee and accept their responsibilities by signing a trustee declaration. SMSF trustees cannot be registered bankrupt, have previously been disqualified as an SMSF trustee by a court, or have an employer/employee relationship with another fund member unless they are relatives. 

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Benefits of SMSF

Super can be a tax-effective investment vehicle. SMSFs that comply with super legislation are generally entitled to have their member’s contributions and fund earnings taxed at the concessional rate of 15% in Australia. SMSF trustees have more control over how their funds are invested. They can invest in many of the products available to public funds and some products that aren’t. 

Business owners may use their SMSF to purchase their business premises or other commercial property, which can then be leased to a related party. SMSF can arrange for death benefits to be paid to a dependant as a pension. Funds can also be arranged to be distributed to future generations in a tax-effective manner. 

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SMSF Withdrawal Rules

You can make Lump Sum withdrawals in addition to accessing Pension income from the SMSF when you reach age 65 or when you are aged between preservation age and 64 and “Retired”.If you are aged between preservation age and 64 and NOT “Retired” you can only access your Super Benefit as a TRIS, and pension payments are capped at 10% of your Pension Balance. Pension withdrawals and Lump Sum withdrawals are two different withdrawal types, and different rules apply. 


To the extent that a Member is allowed to make Lump Sum withdrawals, there is no need to pay tax on Lump Sum withdrawals after the age of 60.

Your Super Benefit is made up of two components, namely a Tax-Free Component and a Taxable Component. The Tax-Free Component typically comes from after-tax personal non-concessional contributions made by you over time. The Taxable Component typically comes from concessional contributions made by you over time, including employer contributions and salary sacrifice contributions. 

If you’re looking for SMSF consultancy services in Sydney, Number Solutions can help you understand the intricate guidelines. Our experienced professionals are helping countless people with consultancy services to establish or administer your SMSF fund.

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