Q: My question concerns self-managed superannuation funds (SMSFs) investing in financial products reserved for so-called sophisticated investors. In the case of a fund with multiple member accounts (but operated through a corporate trustee) and where each member of the fund is also a director of the corporate trustee entity, does each director/member have to individually qualify as a sophisticated investor to be able to access these products? Greg.

A: The history of investor rules for sophisticated investment products by self-managed super funds has been a bumpy one, and there have been some recent twists to this tale. So, the answer to this question, says Tracey Scotchbrook, head of policy and advocacy at the SMSF Association, is a little complicated, and not definitive.