This means the members of the SMSF (the trustees) run it for their own benefit. If you are planning to set up an SMSF, you should think about it carefully before making this decision since SMSFs aren't for each and everyone. It's a foremost financial decision and you need to have the time and enough skills to do it. Most importantly, you should certainly get professional advice and consultancy from Professional SMSF Specialty Advisors. There is a lot to be taken care of when you are planning for the SMSF. In general, if you set up an SMSF you become a trustee of the fund. This means you'll be entirely responsible for managing your SMSF as per its trust deeds and the laws and rules that apply to SMSFs. You need to manage your fund's investments in the way that benefits your fund members and it should also be in accordance with the law. Your investments must be separate from the personal and business affairs of fund members, including yourself. Here, you can accept m...
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