You've decided to put your retirement funds into an SMSF. That's Great! What else do you need to do to successfully manage your SMSF?
First, let's look at SMSF eligibility. For a fund to be an SMSF, it must meet several requirements under Superannuation Law. It must have:
• Six or fewer members (this was changed from 4 members on 01/07/2021).
• Each member is a trustee (or director of a trustee company), and each trustee (or director of a trustee company) is a member.
• No member can be an employee of another member unless they are related; and
• No trustee (or director of a trustee company) is paid for their duties or services as a trustee of the fund.
As an SMSF trustee, you are ultimately responsible for running your own SMSF, and you must understand your duties, responsibilities and obligations.
So what are these responsibilities? Watch the video to find out more or speak to our Ulton Wealth Management team.