Superannuation funds that are self-managed superannuation funds (SMSFs) under the Superannuation Industry (Supervision) Act 1993 (SISA) as at 30 June 2009 must use the Self-managed superannuation fund 2009 annual return to lodge information relating to income tax, regulatory and member contribution details.
Generally (with a few exceptions), a superannuation fund is an SMSF if:
- it has four or fewer members
- no member of the fund is an employee of another member of the fund unless they are related
- each member is a trustee, and
- no trustee of the fund receives any remuneration for their services as a trustee.
Alternatively, an SMSF can have a company as a trustee (known as a corporate trustee) if:
- the fund has four or fewer members
- each member of the fund is a director of the company
- no member is an employee of another member unless they are related
- the corporate trustee does not receive any remuneration for its services as a trustee, and
- no director of the corporate trustee receives any remuneration for their services as a director in relation to the fund.
Employees cannot be in the same self-managed superannuation fund as an employer member, unless they are related.