An SMSF (Self-Managed Super Fund) can be established by almost anyone, with a maximum of six members. Typically, SMSFs are set up by individuals or couples, but other arrangements, such as involving family members or business partners, are also common.
Business partners are permitted to create an SMSF together, provided no member is employed by another unless they are related. For example, two directors of a company can establish a fund together, but if one individual is not a director, this is only allowed if they are family members.
Children of any age are eligible to join an SMSF. However, if they are under 18, they are not permitted to act as trustees, and the parent will need to assume the role on their behalf. Once they reach 18, they must take on trustee responsibilities unless they formally appoint someone through an enduring power of attorney.
SMSF members generally serve as trustees, meaning the responsibility for managing the fund and making decisions is shared. Most decisions will require consensus among all trustees, ensuring collaborative governance.
Should a member wish to leave the SMSF in the future, careful planning is required. Exiting the fund could involve the sale or transfer of assets, which may trigger capital gains tax or stamp duty. It is essential to have an exit strategy in place early on to avoid potential disputes or tax implications.
If you’re considering using your self-managed super fund (SMSF) to buy property, you’ll need the right structure in place. One of the main ways to do this is through a Limited Recourse Borrowing Arrangement (LRBA).
Australia’s passion for self-managed super funds (SMSFs) is stronger than ever. According to the ATO’s June 2025 quarterly statistical report, SMSFs have officially surpassed the $1 trillion mark in assets, cementing their place as a key driver of retirement wealth.
With over $4 trillion in superannuation savings, it’s no surprise that scammers see super as an easy target. The Australian Securities and Investments Commission (ASIC) has issued warnings about the growing number of high-pressure sales tactics and misleading promises designed to trick Australians into risky superannuation switches. Since your super is likely to be one of your largest lifetime investments, knowing how to protect it is essential.