The Australian Taxation Office (ATO) regulates the majority of SMSFs and provides information on setting up and running these funds. It also suggests consulting a professional adviser.
To qualify for concessional taxation a superannuation fund must be a complying fund and this means that the trustees must have elected to be a regulated fund in terms of the Superannuation Industry (Supervision) Act (SISA) and operate the fund accordingly.
The objective of a superannuation fund is to accumulate and grow assets on behalf of the members of the fund and provide them with a benefit in retirement. This is commonly known as the ‘Sole purpose test’.