SMSF trustees have a lot of laws they need to be aware of if they don’t want to cop a thousand-dollar fine. Here, we go over the main Acts that mention superannuation and SMSFs.
It’s a rare person who enjoys paperwork. But for trustees of a self-managed super fund, it’s a necessary evil. Find out what penalties apply if your fund isn’t set up and managed to comply with superannuation and taxation legislation.
All super funds must satisfy the sole purpose test to be eligible to receive the tax concessions available under Australian superannuation legislation. All super funds (including SMSFs) must satisfy the sole purpose test. We take a look at how the sole purpose test is administered and how you can ensure your SMSF meets the requirements.
SMSF trustees are legally obliged to ensure their fund’s compliance with superannuation legislation in Australia. The ATO imposes a range of penalties for non-compliance, depending on the seriousness of the breach.
An SMSF is a very attractive superannuation savings vehicle but it also comes with plenty of responsibility for anyone that signs up to being a trustee.
An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.