There are many similarities between an SMSF and a SAF but there are also some key differences. So, which one is suitable for you and your clients? Here’s a guide to help you decide.
Features | SMSF | SAF |
|---|---|---|
Fund regulator | ATO | APRA |
Title to assets | Held in name of trustee | Held in name of trustee |
Maximum number of members | 4 | 4 |
Identity of trustee | Fund member(s) | Professional licensed trustee |
Member protection under 'culpability test' | No | Yes |
Investment control | Yes | Yes |
Tailored investment strategy | Yes | Yes, however, trustee may impose restrictions |
Responsibility for fund compliance | Trustee | Professional licensed trustee |
Complaints resolution through Australian Financial Complaints Authority | Yes | Yes |
Financial assistance funding scheme | No | Yes |
Trustee remuneration | No | Yes |
Need to provide standard financial reports | Yes | Yes |
Need to provide annual regulatory return | Yes | Yes |
Disqualified person as member | No | Yes |
For more information on these types of funds, please speak to your financial adviser or call our Client Services Team on 1800 254 180.
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