Self Managed Super Funds are governed by a number of legislative requirements. It is important to meet the legislative requirements & stay within the rules.
- Withdrawal of funds in beach of age and/or preservation rules
- Deposits in excess of caps for concessional and non-concessional
- The fund’s asset allocation not matching the (required) documented investment strategy
- Incorrect recording of the fund’s income tax details
- Incorrect classification of investments in the financials
- Worthless investments left in the financials that should be written off
- Incorrect completion of investment paperwork when investing with institutions
- Investment errors made by institutions. Liability cannot be transferred to the institution making it necessary to check the details.
- Failure to meet the 14 day time frame for information requested by the Auditor – S.35C(2) is one of the regulatory requirements which includes a statutory time period - a reportable breach
- Providing financial assistance to a member or relative of a member of the fund using superannuation money breaches Section 65. Confusion arises because an in-house asset loan can be made to a related party of the fund provided it is within 5 per cent of the market value of the assets and is not providing personal assistance to a member or relative.
You can be confident that your fund will meet all the relevant SMSF legislative requirements and stay within the rules by calling Segue Financial Services on 9509 1599. At Segue Financial Services, our experienced team will manage the administration and accounting of your SMSF for you and ensure you stay out of trouble.