Maximum of 4 members are allowed in an SMSF
Trustees of the SMSF (including directors of a corporate trustee) are responsible for the compliance of the SMSF. The Trustees/Directors personally bare the risk of penalties if the SMSF is found to be in breach of the SIS act.
Trustees are required to develop and implement an investment strategy for the fund.
Life insurance can be purchased by the superannuation fund and is tax deductible by the fund.
Considerations and costs of running an SMSF:
- Preparation of annual accounts/tax returns.
- Valuations of SMSF assets
- Financial advice
- Compliance and administration assistance
- Legal fees (such as trust deed amendments)
- Actuarial certificates (once pensions have commenced)