Self Managed Super Funds

Self Managed Super Funds

Why does an SMSF need an actuary

As SMSF trustees, you may be familiar with the term ‘Actuary’s Certificate’ yet be unsure of what it is and why your SMSF needs one. An Actuary’s Certificate is a statement provided by a qualified actuary outlining the proportion of an SMSF’s income that should be exempt from income tax.

Who is eligible to become a self managed super fund trustee

To be eligible to become a self managed super fund (SMSF) trustee, a person must be 18 years or older and generally:

  • not be under a legal disability
  • not have been convicted of an offence involving dishonesty
  • not have been subject to a civil penalty order under the SIS Act
  • not be insolvent under administration eg. an undischarged bankrupt, or
  • not have been disqualified by a regulator.

Where the trustee of the SMSF is a company, the company must:

Rules governing release of super benefits

Self managed super funds (SMSFs) must be established for the sole purpose of providing benefits to fund members in retirement. Or, if the member dies before retirement, a benefit to that member’s dependants.

Benefits can be in the form of lump sum payments, regular income payments or a combination of both.

When members can access super benefits

Like all superannuation funds, there are restrictions on when payments can be made to members from an SMSF.


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