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Frequently asked questions

Below are some of the most frequently asked questions and answers.

What type of structure is a SMSF?

A SMSF is a trust. The trust is specifically set up for the sole purpose of providing retirement benefits to its members. A trust is a relationship which exists where individuals or company (the trustee) holds assets for the benefit of the beneficiaries.

A SMSF is a trust that is a formal legal arrangement where the trustee holds assets for the benefit of the beneficiaries. In a SMSF the trustee is also the beneficiary (member) of the SMSF.

Who regulates SMSFs?

SMSFs are regulated by the Australian Taxation Office. The ATO holds a dual role of supervising the SMSF sector and as the tax authority.

What legislation governs the operation of SMSFs?

The primary legislation for SMSF is Superannuation Industry (Supervision) Act 1993, frequently referred to as SIS Act.

The subsidiary legislation is the Superannuation Industry (Supervision) Regulations 1994.

Can a trustee of a SMSF be remunerated?

The trustees or directors of company trustee (including the company) of a SMSF is not permitted to receive any remuneration from the SMSF or any person for any duties or services performed by the trustee or director in relation to the SMSF.

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General advice warning: Any advice on this page is of a general nature and is not based on any consideration of your or your clients' objectives, financial situation and needs. Before deciding on any changes to your or your clients' superannuation you should consider your or your clients' objectives, financial situation and needs.

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	What type of structure is a SMSF? A SMSF is a trust. The trust is specifically set up for the sole purpose of providing retirement benefits to its members. A trust is a relationship which exists where individuals or company (the trustee) holds assets for the benefit of the beneficiaries. A SMSF is a trust that is a formal legal arrangement where the trustee holds assets for the benefit of the beneficiaries. In a SMSF the trustee is also the beneficiary (member) of the SMSF.
	Who regulates SMSFs? SMSFs are regulated by the Australian Taxation Office. The ATO holds a dual role of supervising the SMSF sector and as the tax authority.
	What legislation governs the operation of SMSFs? The primary legislation for SMSF is Superannuation Industry (Supervision) Act 1993, frequently referred to as SIS Act. The subsidiary legislation is the Superannuation Industry (Supervision) Regulations 1994.
	Can a trustee of a SMSF be remunerated? The trustees or directors of company trustee (including the company) of a SMSF is not permitted to receive any remuneration from the SMSF or any person for any duties or services performed by the trustee or director in relation to the SMSF.