All SMSFs require a trust deed, which sets out the governing rules for the operation of a given fund. Along with abiding by superannuation legislation, trustees are also required to follow the rules set out in the trust deed.
Every SMSF requires an investment strategy. To put it plainly, an investment strategy is a document that details what the SMSF is going to invest in and why.
The superannuation system was established to assist individuals with their retirement plans and so, for the majority of us, our superannuation benefits are ‘preserved’.
If you run an SMSF, there will come a point where you draw on your super balance and enjoy the fruits of your labour.
When thinking about setting up an SMSF, you need to decide whether you want to have individual trustees, or a company trustee where you would be a director.