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Questions & Answers - Members
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+ What is a Member?

The Members of an SMSF own the SMSF assets. Only Members of an SMSF can contribute to the SMSF. Members of an SMSF must also act as the Trustees for the SMSF meaning that the Members also control the SMSF.

+ How many Members can an SMSF have?

Under the ESUPERFUND Platform, an SMSF can have a Maximum of 4 Members.

+ Can all Members contribute to the same SMSF?

Yes. All Members can contribute to the same SMSF.

+ Does the Fee change if I have more than 1 Member?

No. Our Annual Fee remains at pa irrespective of whether your SMSF has 1,2,3 or 4 Members.

+ Do Members also have to be Trustees?

Yes. It is a legal requirement that all SMSF Members must also be Trustees of the SMSF.

+ Do Trustees also have to be Members?

ESUPERFUND automatically appoints all Trustees of the SMSF as Members of the SMSF when you apply to establish an SMSF with ESUPERFUND. Importantly a Member will only have an entitlement in the SMSF if they contribute to the SMSF. If they do not contribute to the SMSF the Member will have no entitlement to the SMSF and they are considered a NIL Balance Member. Being a NIL Balance Member is the equivalent of not being a Member of the SMSF as in both cases the NIL Balance Member will have no entitlement in the SMSF. It is noted that notwithstanding it is preferred that all Trustees are Members of the SMSF.

+ How are Member's Benefits tracked in the SMSF?

All Members of an SMSF have a proportional interest in the SMSF assets based on the Contributions and Rollovers made to the SMSF and any withdrawals made from the SMSF. This means that if one Member contributes 100% of monies to the SMSF and a second Member contributes no monies, then the Member making the total contributions to the SMSF will own 100% of the SMSF. Similarly if one Member contributes say $60,000 to the SMSF and the other Member contributes say $40,000 to the SMSF, then Member 1 will own 60% of the SMSF Assets and Member 2 will own 40% of the SMSF Assets. Each Members percentage or proportional interest in the SMSF Assets is constantly changing. That is each time that a Member contributes or withdrawals monies from the SMSF their proportional interest in the SMSF changes. ESUPERFUND tracks each Members proportional entitlement in the SMSF by allocating every Rollover, Contribution and Withdrawals to a specific Member Account. This is a legal requirement.

+ Can I Add or Remove Members?

Yes. Once your SMSF is established and the Members appointed there are circumstances where you may need to add or remove the Members. For more information on Change of Member, please click here.

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General Advice Warning

No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.

Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.

Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO Supervisory Levy, Company Trustee Setup Fee (where applicable), and Investment Fees.