• Self-managed superannuation funds

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    Superannuation funds that are self-managed superannuation funds (SMSFs) under the Superannuation Industry (Supervision) Act 1993 (SISA) as at 30 June 2009 must use the Self-managed superannuation fund 2009 annual return to lodge information relating to income tax, regulatory and member contribution details.

    Generally (with a few exceptions), a superannuation fund is an SMSF if:

    • it has four or fewer members
    • no member of the fund is an employee of another member of the fund unless they are related
    • each member is a trustee, and
    • no trustee of the fund receives any remuneration for their services as a trustee.

    Alternatively, an SMSF can have a company as a trustee (known as a corporate trustee) if:

    • the fund has four or fewer members
    • each member of the fund is a director of the company
    • no member is an employee of another member unless they are related
    • the corporate trustee does not receive any remuneration for its services as a trustee, and
    • no director of the corporate trustee receives any remuneration for their services as a director in relation to the fund.

    Employees cannot be in the same self-managed superannuation fund as an employer member, unless they are related.

    Last modified: 25 Nov 2009QC 21714