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Home » Business and Management » Guide to SMSF Audit Cost

Guide to SMSF Audit Cost

The SMSF (self-managed super fund) is sometimes referred to as a DIY super fund. They are pension funds available in Australia and are similar to other pension funds in that SMSF invests contributions made by members, provides benefits to members when they retire and provides benefits if the beneficiary dies when the member dies.You can also opt for SMSF tax return & audit services & get free consultation.

The main difference between SMSF and other types of pension funds is that members of the SMSF are also the trustees or directors of the corporate trustee. 

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1. SMSF should be maintained only for the purpose of providing retirement benefits to members. 

2. SMSF must have less than five members

3. All members must be guardians

4. If your SMSF is a single member fund, you must appoint a company to act as manager or a second individual to act as an individual trustee.

5. SMSF cannot lend money or provide financial assistance to members

6. SMSF may not acquire any assets from IMF members or any other person associated with the Trustee other than listed shares, managed funds, and commercial real estate.

7. SMSF is prohibited from taking loans. There are some limited exceptions.

8. The trustee must define the fund's objectives and formulate an investment strategy that shows how those goals will be achieved. It should be written and reviewed regularly.

SMSF also offers a wider range of investment options than other super funds, including options such as direct holdings, managed investments, and outright shares.