• Superannuation Entities

    Super fund

    For ABN purposes, a superannuation fund (super fund) is:

    • an indefinitely continuing fund whose sole purpose is to provide super benefits to members upon reaching a certain age, retirement, death or cessation of employment, or
    • a public sector super scheme.

    For a super fund to exist it must:

    • have governing rules (commonly referred to as a 'trust deed')
    • hold assets
    • have at least one trustee.

    ATO regulated self-managed super fund (SMSF)

    If your fund has individual trustees, it is an SMSF if all of the following apply:

    • it has four or fewer members
    • each member is a trustee of the fund
    • each trustee is a member of the fund
    • no member is an employee of another member unless they are relate
    • no trustee is paid for their duties or services as a trustee in relation to the fund

    If your fund has a corporate trustee, it is an SMSF if all of the following apply:

    • each member of the fund is a director of the corporate trustee
    • each director of the corporate trustee is a member of the fund
    • no member is an employee of another member unless they are related
    • the corporate trustee is not paid for its services as a trustee in relation to the fund
    • no director of the corporate trustee is paid for their duties or services as a director in relation to the fund

    If your fund is a single member fund with a corporate trustee, it is an SMSF if all of the following apply:

    • the corporate trustee has one or two directors
    • the fund member is either the sole director or one of the directors
    • if there are two directors and the fund member is an employee of the other director, the fund member and the other director must be related
    • the corporate trustee is not paid for its duties or services as a trustee in relation to the fund
    • no director of the corporate trustee is paid for their duties or services as a director in relation to the fund.

    If your fund is a single member fund with individual trustees, it is an SMSF if all of the following apply:

    • there are two trustees
    • one trustee is a fund member
    • if the fund member is an employee of the other trustee, the fund member and the other trustee are related
    • no trustee is paid for their duties or services as a trustee in relation to the fund.

    Australian Prudential Regulation Authority (APRA) regulated super fund

    A super fund that is regulated by APRA must have a trustee that holds a Registrable Superannuation Entity licence.

    Non-regulated super fund

    A super fund is non-regulated if it has not made an election to be regulated by APRA or the Australian Taxation Office.

    If a super fund intends to be regulated, it will need to apply as an SMSF or an APRA regulated super fund.

    Pooled super trust

    A pooled super trust:

    • is a resident unit trust that is used for investing assets of super funds, approved deposit funds, pooled super trusts and life insurance companies
    • must have a trustee that is a constitutional corporation
    • is regulated by APRA
    • must submit to APRA a written confirmation of its intention to be treated as a pooled super trust.
    Approved deposit

    An approved deposit fund:

    • is an indefinitely continuing fund that is maintained for approved purposes by a Registrable Superannuation Entity licensee that is a constitutional corporation.
    • can receive, hold and invest certain types of rollovers until such funds are withdrawn or a condition of release is satisfied.
    • Last modified: 22 Dec 2016QC 765