If you plan to make an SMSF, you should think about it carefully before making this decision because SMSF is not for each and every one. This is the most important financial decision and you need to have enough time and skills to do it.
Most importantly, you certainly have to get professional advice and consultation from Professional SMSF Special Advisors. There are many things to consider when you plan for SMSF.
In general, if you set your SMSF to be the trustee of the fund. This means you will be fully responsible for managing your SMSF in accordance with its trust actions and the laws and rules that apply to SMSF. You can easily get the services of SMSF compliance & audit in Mount Waverley & Moonee Ponds, Melbourne.
Image Source: Google
You need to manage your fund investment in a way that benefits your fund members and that must also be in accordance with the law. Your investment must be separate from the private and business affairs of the fund members, including yourself.
Here, you can receive financial contributions for your members from various sources but there are some rules and restrictions, mostly depending on the age of the members and whether they have exceeded the contribution limit, etc.
Generally, you cannot accept assets as contributions from members, although there are some exceptions that you need to know about.
If you are a trustee, you will have a number of administrative responsibilities – for example, you need to arrange an annual audit of your funds, keep appropriate documentation and records, and report them all to the Australian Tax Office in the Australian Government's fund operations.