SMSFs are treated differently from other superannuation funds in a number of legislative and regulatory ways and in order to qualify for this different treatment, which is generally more concessional, an SMSF must meet a set of conditions above those that all superannuation funds are required to satisfy. These conditions can be found in section 17A of the SIS Act.
While establishing an SMSF can give investors great flexibility in relationship to investment decisions, the trustees do not have full discretion regarding investments. The list of things to take into account is extensive. This document provides a summary of some of these considerations.