SMSF Audit Australia | Self-Managed Superannuation Funds

SMSF Audit – What is Self-Managed Superannuation Funds? SMSF is a fund organized by two to four people to manage their own super investments for their retirement. Generally, it is a self-managed superannuation fund if it meets the following conditions: It has less than 5 members Each individual trustee of the fund is a fund member Each member of the fund is a trustee No member of the fund is an employee of another member of the fund, unless those members are related; No trustee of the fund receives any remuneration for his or her services as a trustee. What is Superannuation? Superannuation is a long-term savings arrangement that operates primarily to provide income for retirement. Superannuation involves employers, the self-employed and employees making contributions over a period of time to a superannuation fund. The superannuation fund holds the contributions in trust for the member and invests them to increase the funds assets. These assets are then used to provide benefits to members when they retire or suffer a serious disability or to member's families if the member dies.