Australians are falling in love with self-managed super, and understandably so. But a number of boxes need to be checked in order for an SMSF to be truly considered an SMSF for taxation purposes, and with an increasing number of people beginning to open their own funds, it's important to make sure that you and the Australian Taxation Office (ATO) are on the same page.
The latest ATO statistics show that the number of SMSFs continue to grow with over 36,000 set up in 2012 alone, up 9% on 2011. As at June, there were over 478,000 SMSFs, holding $439 billion in assets.
When you consider this continued growth you can understand why qualifying as an SMSF is so important.