A self-managed super fund (SMSF) is a trust. It’s run for the sole purpose of providing retirement benefits to its members or their beneficiaries if a member dies before retirement.

A trust is an arrangement where a person or company (the trustee) holds assets for the benefit of others (the beneficiaries). 

A trust must have a trustee, a trust deed, assets and beneficiaries.

A trustee can be either individual trustees or a corporate trustee.  

Note, in this course: 

• When the term ‘the trustee’ is used, we’re referring to individual trustees or the directors of a corporate trustee. 
• The terms ‘SMSF’ and ‘fund’ may be used interchangeably. They can be taken to have the same meaning.