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Quiz: SMSFs for beginners

Quiz: SMSFs for beginners

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 more information.

The correct answer will be shown in green. If your answer is incorrect it will be shown in red.

See also our other super quizzes.

1. Which of the following statements about SMSFs is correct?
2. How many members can an SMSF have?
3. Which of the following statements about the sole purpose test is correct?
4. What is a trustee declaration?
5. What is an SMSF trust deed?
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?
7. Which of the following is a legal compliance obligation of an SMSF trustee?
8. Which of the following is a common compliance mistake made by SMSF trustees?
9. Which of the following statements is correct?
10. An SMSF's investment strategy needs to consider…

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IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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