The Gambling Peak

What is a SMSF?
A SMSF is a self managed super fund having up to five members. Normally all the members of the fund are trustees and all trustees are members of the fund. The essential conditions for a SMSF are:
A trust deed;
An investment plan;
A regulated election to gain tax concessions;
Yearly financial accounts and lodging of regulatory returns;
Continuing compliance.
The Trustee of a SMSF can either be a group of individuals who are members of the fund or a corporation where the members are directors of the company. The Trustee ultimately has the responsibility of running the fund including the investment decisions of the fund, compliance and covering obligations. He needs to store all the assets of the fund separate from his personal assets.
The Australian Taxation Office (ATO) regulates SMSFs. The ATO has the authority to inflict considerable penalties if trustees of the funds fail to fulfill their responsibilities or violate the conditions of the law.
Every fund should have an investment plan that considers the situations of the fund and its members. The Trustee has the freedom to take decisions regarding investments on behalf of the fund according to the investment plan of the fund and government rules like making certain that all investments are carried out for providing benefits to the members for their retirement.