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Home / SMSFs / SMSFs for beginners / Quiz: SMSFs for beginners

Quiz: SMSFs for beginners

May 10, 2019 by SuperGuide Leave a Comment

Reading time: 1 minute

Take the following 10-question quiz to test your knowledge on the fundamentals of self-managed super funds (SMSFs).

Don’t worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article.

If your answer is correct, you will see a green tick. If your answer is incorrect you will see a X and the correct answer will be in bold.

Click here to see our other super quizzes.

1. Which of the following statements about SMSFs is correct?
- If you set up your own SMSF, you must also be a trustee of the fund
- SMSF trustees manage their fund’s assets
- SMSF trustees are responsible for ensuring their fund’s ongoing legal compliance with superannuation and taxation legislation
- All of the above
2. How many members can an SMSF have?
- 1
- 1 to 4
- 1 to 6
- An unlimited number
3. Which of the following statements about the sole purpose test is correct?
- All super funds (including SMSFs) must be maintained for the sole purpose of providing retirement benefits to their members
- The sole purpose test does not apply to SMSFs
- The sole purpose test allows SMSF members to access super funds prior to reaching their preservation age and meeting a condition of release
- None of the above
4. What is a trustee declaration?
- A legal document that sets out how an SMSF will be established and managed
- A declaration that all SMSF trustees must sign to confirm that they understand all their legal compliance obligations
- A document outlining an SMSF’s investment strategy
- None of the above
5. What is an SMSF trust deed?
- A legal document that outlines how a fund will be established, how it will operate and how it will be administered
- A declaration that all SMSF trustees must sign to confirm that they understand all their legal compliance obligations
- The annual tax return that an SMSF must submit to the Australian Taxation Office (ATO)
- None of the above
6. Which of the following are penalties that the Australian Taxation Office (ATO) can impose on SMSF fund trustees for non-compliance with super legislation?
- Freezing of the fund’s assets
- Civil penalties
- Criminal penalties
- All of the above
7. Which of the following is a legal compliance obligation of an SMSF trustee?
- Appointing an SMSF auditor
- Valuing fund assets
- Paying the Australian Taxation Office (ATO) levy
- All of the above
8. Which of the following is a common compliance mistake made by SMSF trustees?
- Establishing the fund in Australia
- Accepting member contributions
- Providing loans or financial assistance to SMSF members
- None of the above
9. Which of the following statements is correct?
- The number of Australians in SMSFs has been steadily decreasing in recent years
- The cost of setting up and running an SMSF may not in the best interests of members with lower balances
- An SMSF can only have one member
- All of the above
10. How many Australians are currently members of SMSFs?
- Less than 100,000
- Less than 500,000
- More than 1 million
- More than 5 million

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