Self-managed superannuation funds

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This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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Superannuation funds that are self-managed superannuation funds (SMSFs) under the Superannuation Industry (Supervision) Act 1993 (SISA) at 30 June 2011 must use the Self-managed superannuation fund 2011 annual return to lodge information relating to income tax, regulatory and member contribution details.

Generally a superannuation fund with more than one member 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 of the fund is a trustee and each trustee is a member of the fund, and
• no trustee of the fund receives any remuneration for their services as a trustee.

Alternatively, an SMSF with more than one member 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 and each director of the company is a member of the fund
• no member of the fund is an employee of another member of the fund unless they are related
• the company does not receive any remuneration for its services as a trustee, and
• no director of the company receives any remuneration for their services as a director in relation to the fund.

A superannuation fund with only one member is an SMSF if:

• the member of the fund is a trustee and there is second trustee who is either a relative of the member or is not the member's employer, or
• a company is the trustee of the fund and the member is the sole director of the company or there is a second director of the company and that other director is a relative of the member or is not the member's employer, and
• no remuneration is received by a trustee or director for services in relation to the fund.