Description
This article reminds your clients to ensure their SMSF is compliant. It lists the financial penalties that apply and recommends professional guidance.
Introduction
When it comes to retirement funding, over one million Australians have established Self-Managed Super Funds (SMSFs) to take more control over this crucial stage of their lives. However, SMSF trustees take note – to protect your and your fellow members’ best interests, there are strict rules governing SMSFs which, if broken, attract strong penalties.
The basis of all superannuation law is that every super fund must meet the “Sole Purpose Test” – it exists solely to fund retirement (or to pass to dependents if the member dies).
SMSF trustees whose funds are not fully compliant will incur the financial wrath of the ATO as follows:
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