What is Self Managed Super?

A self managed super fund (also known as a DIY Fund) performs the same role as independently managed superannuation funds - it is a fund where you can contribute your superannuation contributions. The difference between a self managed super fund and an independently managed super fund is that the members of an smsf are also the trustees of the fund - they control how their contributions are invested.

Generally, a superannuation fund is a self-managed super fund if:

• It has a trust deed that meets the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act);
• It has four or less members;
• Each member of the fund is a trustee or each member of the fund is a director if the fund has a corporate trustee (there are some exceptions);
• No member of the fund is an employee of another member of the fund, unless they are related; and
• No trustee of the fund receives any remuneration for their services as trustee.