Education

• The tax definition sets a higher bar, requiring two legally qualified medical practitioners to certify it.

• SMSFs can be vulnerable because of concentrated control, enduring powers of attorney, death benefit nominations and related-party transactions.

• The SMSF Association argued reporting burdens should fall on the entities that generate and hold the data, not on SMSF trustees.

• A new fund pays a $518 supervisory levy with its first return, which covers the establishment year and the following financial year.

• Related-party employers do not have to use SuperStream for SMSFs, but that is a SuperStream rule and does not extend the Payday Super timeframe.

• Assets must be realised or transferred, liabilities settled and member benefits paid or rolled over before the final audit and return.

• The auditor checks the wind-up conditions, member agreement, financial statements, asset disposals at market value and that benefits were paid correctly.