Introduction to SMSFs
The SMSF Survival Centre has been designed to help SMSF trustees manage their super fund and the professionals that assist them. It is not intended to be a site that generates lots of traffic and earns income from advertising.
It is meant to be a resource that the members use and its success and development will depend on what they want.
I want you to imagine this scene.
Arthur and Shirley walk into a dining room wearing hats. On the hats is the word member and in Shirley’s hand is a letter. They walk up to the dining table in the middle of the room and place the letter on it.
They remove the hats, rush around to the other side of the table, and put on a new set of hats with the word trustee on them.
Shirley picks up the letter, reads it studiously, and states that the meeting of trustees for the “Happy Ever After Super Fund” is now called to order and she has been voted the chairperson of the meeting.
She gives the letter to Arthur and then announces that the fund has received a letter from its members, Shirley and Arthur, requesting a pension.
Shirley and Arthur agree to commence the pension and promptly confirm this by writing a minute of the meeting and sign it. Shirley then writes a letter stating that the pension has been approved and puts the letter on the other side of the table.
Arthur and Shirley take off their trustee hats, race around to the other side of the table, put on their member hats, pick up the letter, and then jump gleefully around the room happy in the knowledge they will be receiving a pension from their own super fund.
Does all of this sound a bit like a Monty Python sketch or an episode of Yes Minister?
Well it isn’t. This is how members/trustees of a super fund are expected to act, well maybe not the jumping about gleefully bit.
Yes it is overly bureaucratic.
Yes it can involve the trustees in a lot of paper work.
But if you want to have control of your super, and not pay someone for the privilege of losing your money, get used to it.
Welcome to the wonderful, wacky, and incredibly flexible world of self managed superannuation.