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Are there different types of self managed super funds?

A self managed super fund is a small or private super fund generally divided into two main types:

• Self managed super funds or SMSF (regulated by the ATO) 
• Small APRA Funds or SAF (regulated by the Australian Prudential Regulation Authority - APRA) 

A self managed super fund (SMSF) is one where:   

• There are fewer than five members;
• All members are trustees and there are no other trustees;
• No member of the fund is an employee of another member, unless those members are relatives;
• No trustee or director of the corporate trustee can be paid for being a trustee. 

A small APRA fund (SAF) is one where: 

• There are fewer than five members;
• The fund is registered with APRA and the trustee is an RSE licensee;
• There may be arm's length members - such as unrelated employees of the employer-sponsor; and

• The trustee can be paid for being trustee.

Any superannuation fund with less than 5 members that is not an SMSF or an SAF is a non-complying fund and does not qualify for concessional tax treatment.