Do you have a Self Managed Super Fund (SMSF)?

If so, it is very important to ensure that your Super Fund is ATO compliant, as you can incur penalties if in breach thereof.

In order for an SMSF to be compliant the Trustee/s need to ensure and consider the following:

  • The Fund must be maintained for the sole purpose of providing benefits to any or all of the following:
    1. Fund members upon their retirement
    2. Fund members upon reaching a prescribed age
    3. The dependants of a Fund member in the case of a member’s death before retirement;
  • The Fund has an Investment Strategy that is regularly overviewed and ensuring that all investment decisions are consistent with it;
  • All Fund money and assets are held separately from money and assets held by Trustees or Directors personally or by a related employer;
  • All Fund investments comply with the super laws;
  • All contributions and rollovers received by the Fund are allowed under the super laws;
  • All benefit payments made by the Fund have been made in accordance with super laws;
  • The Trustees must not loan monies or provide financial assistance to any member or relative at any time during the financial year;
  • The Trustees must not acquire any assets (not listed as an exception) from any member or related party of the Fund;
  • The Trustees of the Fund must not borrow any money or maintain an existing borrowing (not listed as an exception);
  • The proper and accurate records have been maintained for required time frames;
  • Any changes to the SMSF’s details such as the bank account, electronic service addresses, contact details and member details are reported to the ATO;
  • Residency requirements;
  • Considering Member insurance needs;
  • Only accepting contributions from Fund Members;
  • Only making super benefit payments to Members who have met a condition of release;
  • Monitoring total super balance and transfer caps;
  • Administration, Reporting and Record-keeping requirements;
  • Appointing a registered Auditor;
  • Lodging the Fund’s Annual Return to the ATO and paying tax.



Lynne Linton