Self managed superannuation funds.
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Do it yourself Superannuation Funds or Self Managed Superannuation Funds have been and are continuing to be a very popular form of saving for retirement and for provision of allocated pension in retirement.
There are currently over 350,000 such funds in Australia and they are being formed at a rate of 500 per month.
Self Managed Superannuation Funds are administered by the Australian Taxation Office and enjoy the favourable taxation treatment of all Superannuation Funds, income is taxed at the rate of 15% and Capital Gains at the rate of 10%.
Self Managed Funds must have less than five members, that is a maximum of four members. All members of the fund must be trustees of the fund. Members cannot be employees of other members or have an employee / employer relationship.
The trustees are responsible for the operation of the fund and the performance of the fund. Whilst the fund may employ outside people to perform the accounting function, the trustees are still responsible for the preparation of the accounts.
How do I operate a self managed fund?
