Self-managed super funds (SMSFs) are investment vehicles that are widely used by individuals who wish to have total control of how their retirement funds are invested. An SMSF unlike other types of funds require members to also be trustees. This means that members of SMSFs control the day to day operation of the fund for their own benefit and are responsible for complying with taxation and superannuation regulations.
Trustees of SMSFs have various administrative responsibilities that they are required to satisfy. They range from arranging the annual audit of the fund to keeping appropriate accounting records and lodging the funds annual taxation return. Failure to satisfy these obligations may result in penalties been issued by the relevant regulatory authority.
