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10 Superannuation

Self-managed Super Funds

As previously outlined, a self-managed super fund (SMSF) is your own super fund that you manage and control.

All members of the fund generally must be trustees of the fund and the fund must have no more than four members in the fund at any time. Note that a measure from the 2018–19 budget to increase the number of members allowed in an SMSF from four to six has been legislated.

There are many benefits to starting your own SMSF however, running your own super fund places some important responsibilities on you (as Trustee), so understanding your responsibilities is critical.

It is also worth considering that generally you may need to have as a minimum $200,000 in a SMSF to make running your own SMSF cost effective ignoring any other reasons for having the fund. However this may vary depending on how you operate your fund.

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