ROLE OF SUPERANNUATION

The sole purpose of superannuation is to accumulate funds during working years to provide an income stream in retirement.  

SOLE PURPOSE TEST

Section 62 Superannuation Industry Supervision Act

The purpose of maintaining a Self Managed Superannuation Fund is solely to provide:

• Retirement benefits to the member or payment of benefits at a certain age, and
   
• Death benefits to member’s dependants.

SELF MANAGED SUPERANNUATION FUND STRUCTURE

TRUSTEE
 

Individual trustees

• All members are trustees
   

Corporate trustee

• All members are directors
   

Single member fund

• Two individual trustees of whom one is the member
  
  
• A sole director of a corporate trustee who is the member
   

Trustee Role

• Legally holds fund assets
  
  
• Ultimate responsibility for fund
  
  
• No trustee receives any remuneration for duties and services performed as trustee of the fund.
  

MEMBER
 

Members ≤ 4

• All Members = Trustees
  
  
• All Trustees = Members (other than a single member fund)
  
  

ADMINISTRATION
 

Fund Establishment

• Trust deed, Tax file number, Minutes, Member records
   

Day to Day Operations

• Record keeping, Correspondence, Member reporting, Minutes, Update of Trust Deed
   

End of Year Compliance

• Accounting, Taxation returns, Supervisory returns, Audit, Member statements, Trustee statements & Minutes
   

Benefit Payments

• Benefit payment request forms, Taxation forms, Annuity declaration forms, Actuarial