Regardless of whether you use a retail super fund, an industry super fund or a self-managed super fund (SMSF) the taxation rules applying to superannuation are the same.

Super funds need to have a trustee and a trust deed. Super funds also have members, and they generally run as a trust.

Generally, tax is payable on the super fund’s taxable income, with the after-tax income less fees and any charges being deducted from the member’s account balance.

It’s important to note that the tax is paid by the super fund from the member’s super balance, not the member personally. A member does not need to include any income generated by their super fund in their personal taxable income.

Superannuation has its own rules and tax requirements. You can read more about superannuation in the superannuation module.