There are very few restrictions on who can become a member of an SMSF, but there are conditions with which members must comply when they are in a fund, a specialist adviser said.
Mitigating the impact of death benefit tax can be supported by ensuring the SMSF deed allows for the transfer of assets out of the fund in a timely manner, a legal specialist said.
The Australian Securities and Investments Commission (ASIC) has warned Australians to beware of high-pressure sales tactics aimed at getting people to switch superannuation providers.