This means that SMSF members (Trustees) manage it for their benefit. If you are planning to set up SMSF, you need to make this decision carefully because SMSF is not for everyone.
This is an important financial decision and you need to have the time and skills to do it. Most importantly, you should seek advice from professional advisors from SMSF Specialty. You can find information regarding SMSF tax return via https://www.rwkaccountancy.com.au/smsf/.
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When you set up SMSF, you are usually the trustee of the fund. This means that you are fully responsible for managing your SMSF by the trusteeship agreement and the laws and regulations that apply to SMSF.
You must manage your fund investments in a way that benefits your fund members and also comply with the law. Your investments must be kept separate from the personal and business dealings of Fund members, including your own.
Here you can accept cash contributions for your members from various sources, but there are some rules and limitations, mostly depending on the age of the member and whether the contribution limit has been exceeded, etc. In general, you cannot receive credit as contributions from members, although there are some exceptions you should be aware of.
When you become a trustee, you have several administrative responsibilities – for example, you will need to provide an annual audit of your funds, maintain appropriate records and records, and report all activity of your funds to the Australian Government Tax Office.