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Dos

  • Appoint a registered SMSF professional to help with the set up, administration, management and compliance of the fund
  • Establish your SMSF for the sole purpose of providing benefits to the members upon retirement, reaching a prescribed age or by meeting a condition of release
  • Ensure your fund has 4 or less members and each member of the fund is a trustee or a director of the trustee company
  • Make sure all trustees are not disqualified and meet all eligibility requirements
  • Ensure all in-house assets rules are adhered to and do not exceed the 5% limit
  • Hold all personal assets separately from the SMSF’s assets
  • Comply with and meet the requirements of the SIS Act
  • Ensure your fund is independently audited each year by a ASIC registered and approved SMSF auditor

Don’ts

  • Do not borrow any money from the fund (except in limited circumstances)
  • Do not lend or provide financial assistance to another party, friends or relatives
  • Do not acquire assets from related parties of the fund subject to the exceptions
  • Sell or purchase an asset on an arm’s length basis – less than market value

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STEPHENS PLATTFUSS & CO

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Here at Stephens Plattfuss & Co. we have a strong focus on transparency and integrity. We believe it is these core values that assist us in supporting our client’s goals in the best possible way

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