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Running a SMSF

Initially, members of the self managed superfund organise roll-overs of their superannuation money into the self managed superfund. The self managed superfund will accept superannuation contributions from members' employer and all other contributions.

During the accumulation phase, the goal is to grow your superannuation and maximise returns within an acceptable level of risk. You, as trustee, will invest accordingly having regards to members’ objectives and circumstances.

Superannuation phase

At the centre of your self managed superfund is a bank account or cash account. Contributions, roll-overs and investment incomes are deposited into the superfund's bank account or cash account. The funds in the bank account or cash account are used to make investments in accordance the formulated investment strategy. The members, also acting as trustees, decide on the timing of acquisition and disposal of assets.

Tax deductible insurance policies can also be purchased to protect members. The self managed superfund can obtain the following tax deductible cover for members:

Running a self managed superfund also entail managing the administration and ensuring that the superfund is operated in accordance with the trust deed and superannuation laws. Superannuation laws impose certain standards on trustees, including:

The trustees must ensure that financial statements comprising a statement of financial position and operating statement are prepared each year, and lodge the fund’s income tax and regulatory return by the due date. Superannuation Accounting Services can prepare these for your self managed superfund.

Find out more about our accounting and tax services.

Once you reach your preservation age, at your option, you may commence a transition to retirement income stream to ease you into your retirement. You can commence a transition to retirement income stream even if you are still employed full-time. You preservation age is between 55 and 59 depending on when you were born.

When a member retires and commence a pension, the self managed superfund will make pension payments to the member. This may involve selling some of the superfund assets to enable the superfund to make the pension payments.

Find out more about commencing a pension in your SMSF.