What is an SMSF?
What is an SMSF?
When you join an industry super fund, a board of trustees makes all the investment decisions on your behalf. With a Self-Managed Super Fund (SMSF), you become the trustee—taking full control and responsibility for how your super is invested.
Most people establish an SMSF because they want the flexibility to invest their super in a way that aligns with their personal goals. This includes access to a broader range of investment options such as shares, cash, term deposits, managed funds, ETFs—and increasingly, digital assets like cryptocurrency.
An SMSF can have up to six members, and many are started by individuals or couples. All investments must be held in the name of the SMSF—not in your personal name.
Your Responsibilities as a Trustee
As a trustee, you’re responsible for making decisions that meet the sole purpose test—meaning every decision must be made solely to provide retirement benefits for the fund’s members. You can’t use your SMSF for any other purpose.
Running an SMSF also comes with ongoing administrative and compliance obligations. It’s important to understand these responsibilities before setting up a fund. At Supervision, we help trustees meet these obligations by providing efficient accounting, tax reporting, and compliance support—so you can focus on managing your investments with confidence.
Who Can Set Up an SMSF?
To establish an SMSF, you must be a fit and proper person. Individuals who are bankrupt or have been convicted of serious financial offences are disqualified from acting as trustees. Our application process includes questions to confirm your eligibility.
At Supervision, we always encourage prospective trustees to do their homework before setting up an SMSF. Understanding your responsibilities upfront is key to running a successful and compliant fund.
Why We Recommend a Corporate Trustee
An SMSF is a special type of trust governed by a legal document called a trust deed. When establishing a new SMSF, we recommend—and only offer—setups with a corporate trustee. This structure provides greater flexibility when members change and simplifies administration over the life of the fund.