SMSF

The ATO may disqualify a person who has contravenedSuperannuationlaw, where the nature or seriousness of the contraventions, or the number of them, justifies it. It may also consider whether the person is otherwise not a fit and proper person to be a trustee. Disqualification …

The most common ways to access super are tied to age and retirement. Preservation age is now 60 for everyone. Broadly, a member can access their super when they reach preservation age and retire, or when they turn 65 even if still working. A …

An SMSF must satisfy three tests to be an Australian super fund. First, the fund must have been established in Australia, or at least one of itsAssetsmust be located in Australia. Second, the central management and control of the fund must ordinarily be in …

Trustees must appoint the approved SMSF auditor at least 45 days before the annual return is due. Leaving it later can make it difficult to complete the audit before lodgment deadlines. The auditor cannot audit a fund where their independence is compromised, so the …

A common misconception is that trustees must obtain a full independent valuation every year. In most cases that is not required. The market value must be based on objective and supportable data, which trustees can often establish themselves using reliable evidence.

The law sets minimum retention periods. Some records must be kept for at least five years: accurate accounting records, the fund's annual financial statements, copies of annual returns and the documents used to prepare them, records of benefit payment decisions, and transfer balance account …

Due dates depend on the fund's circumstances. Newly registered SMSFs generally have their first return due by 28 February following the end of the financial year. Funds that lodge their own returns are typically due by 31 October, while funds that use a registered …