Your Guide to Self-Managed Super Funds (SMSFs) - Part 3
4 Essential Rules for SMSF Compliance
Compliance is critical for the successful management of an SMSF. Here are four essential rules to ensure your fund stays compliant:
Member Limit and Registration: Your SMSF can have up to four members and must be registered with the ATO in Australia. Members cannot be employees of other members unless they are related.
Sole-Purpose Test: All investments made by the SMSF must pass the 'sole-purpose test', meaning they must solely provide retirement benefits to the members.
Separation of Assets: The assets of the SMSF must be kept separate from your personal or business investments and those of other members to avoid any conflicts of interest.
Annual Audits: Your SMSF must be audited by an approved SMSF auditor each financial year to ensure all compliance requirements are met.
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DISCLAIMER: THIS INFORMATION IS GENERAL IN NATURE AND DOES NOT TAKE INTO ACCOUNT YOUR PERSONAL FINANCIAL CIRCUMSTANCES, NEEDS OR OBJECTIVES. IT DOES NOT REPRESENT FINANCIAL PRODUCT ADVICE. YOU SHOULD ALWAYS SEEK INDEPENDENT LEGAL AND FINANCIAL ADVICE BEFORE MAKING A DECISION IN RELATION TO A FINANCIAL PRODUCT. YOU SHOULD CONSIDER YOUR OWN CIRCUMSTANCES, NEEDS AND FINANCIAL OBJECTIVES BEFORE MAKING A DECISION. BEFORE ACTING ON ANY INFORMATION YOU SHOULD CONSIDER WHETHER IT IS APPROPRIATE FOR YOUR SITUATION AND SEEK INDEPENDENT FINANCIAL ADVICE IF NECESSARY.