Basically a Self Managed Super Fund is a superannuation fund having fewer than 5 members. A SMSF must have its own bank account and a trust deed, which stipulates who can become a fund member, how they’re admitted as a member, what can the fund invest in, and who are entitled to the benefits.

When running a SMSF the members also must keep comprehensive records, lodge an annual tax return, and arrange an annual audit completed by an approved SMSF auditor.