Fund type definitions
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ATO regulated fund types
ATO Regulated Self-Managed Super Fund (SMSF)
The ATO only regulates Self-Managed Super Funds (SMSFs).
In general, an SMSF (other than a single member fund) is one where:
- there are four or fewer members
- all members are trustees or directors of the trustee company
- there are no trustees or directors who are not members
- there are no members who are employees of other members (unless they are relatives)
- no trustee of the fund receives any remuneration for their services as trustee.
A single member fund with a corporate trustee is an SMSF if:
- no trustee of the fund receives any remuneration for their services as trustee
- the member is:
- the sole director of the company
- one of only two directors where the other director is a relative, or
- one of only two directors and not an employee of the other director.
A single member fund without a corporate trustee is an SMSF if:
- no trustee of the fund receives any remuneration for their services as trustee
- the member is one of only two individual trustees and the other trustee is:
- a relative, or
- not an employee of the member.
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APRA regulated fund types
Approved deposit fund
Approved Deposit Funds (ADF) can receive, hold and invest certain types of rollovers
until such funds are withdrawn or a condition of release is satisfied (depending
on the preservation status of the assets). ADFs can be either single-member or multi-member.
For the purpose of this publication multi-member ADFs are considered to be retail
funds, and single-member ADFs are considered to be small funds.
Eligible rollover fund
Eligible Rollover Funds (ERF) are super funds or approved deposit funds which are
eligible to receive benefits automatically rolled over from other funds. ERFs typically
accept superannuation monies from other funds where the member has become "lost".
Non Public Offer/SAF
Small APRA Funds (SAF) are super funds regulated by APRA with less than five members.
They have a trustee with an extended public offer licence.
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Pooled superannuation trust
Pooled Superannuation Trusts (PST) are trusts in which regulated super funds, approved
deposit funds and other PSTs invest.
Public offer non SAF
Public offer funds are super funds regulated by APRA that offer or intend to offer
superannuation interests to the public on a commercial basis.
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Other fund types
Non-Regulated Super Fund
A super fund is a non-regulated fund if it has not made an election to be regulated
by APRA or the ATO.
A non-regulated fund cannot be a complying fund unless it is an exempt public sector
superannuation schemes which is exempt from regulation.
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Exempt Public Sector Superannuation Scheme
Under the
Superannuation Industry (Supervision) Act 1993
(SISA)
regulatory provisions, some public sector superannuation schemes are exempt from
regulation. These schemes are known as exempt public sector superannuation schemes.
Exempt public sector superannuation schemes are, instead, subject to government
supervision (that is, the Australian Government, state or territory governments)
in accordance with the principles of the SISA.
An exempt public sector superannuation scheme is a complying super fund.
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