SMSFs are superannuation funds which are established and operated by the members of the fund. Under the superannuation rules, the members of
an SMSF are generally required to act as a trustee of the fund or as a director of the fund’s corporate trustee, and are legally responsible
for managing the fund in accordance with a strict set of legal requirements.
Information in this document is based on current regulatory requirements and laws, as at 1 July 2020, which may be subject to change.
A testamentary trust is commonly used by estate planning lawyers to protect the assets and inheritance of the testator’s benefciaries from creditors, family law actions and providing flexibility in relation to the distribution of the estate.
There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called ‘contribution caps’.
