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Frequently Asked Questions
What is a self-managed super fund (SMSF)?
A self-managed super fund (SMSF) is a type of superannuation fund where the members are also the trustees responsible for managing the fund’s investments and complying with legal and tax obligations.
How many members can an SMSF have?
An SMSF can have up to six members. All members must be trustees or directors of the corporate trustee of the SMSF.
What are the benefits of having an SMSF?
The benefits of having an SMSF include greater control over investment choices, flexibility in investment strategies, potential cost savings, and the ability to tailor the fund to suit individual needs.
What are the legal obligations of SMSF trustees?
SMSF trustees have a range of legal obligations, including ensuring the fund is managed in accordance with its trust deed, keeping accurate records, preparing annual financial statements and member statements, and complying with tax and superannuation laws.
What are some of the risks associated with having an SMSF?
The risks associated with an SMSF include investment risk, liquidity risk, regulatory risk, and administrative risk. It is important for SMSF trustees to have a good understanding of these risks and to take appropriate measures to manage them.
Can I borrow money to invest in property through my SMSF?
Yes, it is possible to borrow money to invest in property through an SMSF. This is known as a limited recourse borrowing arrangement (LRBA) and is subject to strict legal and regulatory requirements. It is important to seek professional advice before considering an LRBA.