Sole Purpose Test
Your SMSF needs to meet the sole purpose test. This means your fund needs to be maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement. As a trustee, you need to maintain your SMSF so that it complies with the sole purpose test at all times while your SMSF exists, including when investing fund assets and paying benefits upon retirement of members.
Basic Investment Rules
Investments – What can I do? The answer to this question is to find out what you cannot do. This document covers what a superannuation fund cannot invest in due to the legislation. You must also ensure that your investments are allowed by your fund’s trust deed and your fund’s investment strategy.
When Can I Access Superannuation?
Generally, you must reach your preservation age before you can access your super. This document describes the various conditions that must be met in order for you to access your super. These include: Preservation, Conditions of Release, Transition to Retirement Pensions, and Accessing Your Super Before You Retire.
Trustee Structure
A SMSF is a trust and must have either a corporate trustee or individual trustees. This document describes the structures of Corporate Trustee, Individual Trustees, and Eligibility For Trusteeship.
Basic Contribution Rules
Who can contribute? Whether or not a contribution can be made for a person is partly dependant on their age. Please note that there are limits on the amount of contributions a superannuation fund can accept – if these are exceeded heavy tax penalties can apply. The rules surrounding the acceptance of contributions and tax consequences of making contributions are quite complex – you should consult a superannuation specialist before making a contribution to your SMSF.
Reversionary Pension VS Binding Death Benefit Nomination (BDBN)
- What is a reversionary pension?
- What is a BDBN?
- Which is best?
- What happens if I have neither?
Existing SMSF
You can get a free health check and we can go through your options with your existing SMSF.
Info for Experts
Are you a Financial Planner or an Accountant looking for expert back-up? We will answer your questions.
Having your own self managed superannuation fund is easy
Our website will help answer some of your questions, but please call us on 07 3808 1500 if you want to talk to a “real” person and discover the best options for you.
