Self Managed Super, explained.

An SMSF is a small trust set up with the primary purpose of providing retirement benefits to its members. A core difference from other superannuation vehicles is that all the members must also be trustees. The maximum number of members is four.

Provided you are over age 18 and are not considered a 'disqualified person', you are able to act as a trustee of an SMSF. A disqualified person has been convicted of an offence involving dishonesty, is insolvent under administration (i.e. bankrupt), or has at any time been subject to a civil penalty order under the SISA.

There is no minimum requirement before you can set up an SMSF. However, these funds become more cost effective with higher balances. There are many views on the minimum before you proceed with your own fund — some suggest $100,000, others prefer higher balances. If your balance is quite small you may find fixed operating costs are too high and that you have difficulty diversifying the fund's assets.

Yes, you can have a single member fund. The trustee requirements are slightly different: a single member fund can have a corporate trustee with either a sole director who is the member of the fund, or two directors, one of which is the member, with the other director being either related to the other director or not an employee of the other director.

No. Although we are a Brisbane based operation with our office at 190 Boundary Street, West End, we have clients throughout Australia and work comfortably by phone, email and video.

We deal in direct shares, fixed interest and managed funds. Our clients' portfolios also include commercial property and rental properties held within their funds.

Call us on (07) 3292 5555 or email info@dunross.com.au. The first conversation is about understanding your situation and whether we are the right fit — no obligation.