I dont mean to sound like a smart ass, but if you have to ask a...

I dont mean to sound like a smart ass, but if you have to ask a question like that, then maybe straight off the bat a SMSF is not for you.
These SMSF are incredibly involved with rules etc and if an auditor finds a problem its going to cost you a bomb i would imagine.
Compiance is very strict and you as the trustee are responsible.
Given off the info that you are asking about in your pist, if you dont know that as a starting point, then i dont believe you have any business running your own superfund.

Rooks

Be warned though i have heard they are equally expensive and a pain in the ass to shut down.