With the ability to take control of your retirement savings, Self Managed Super Funds continue to grow in popularity. However as a Trustee it comes with responsibilities for you to ensure your fund meets the strict regulatory and compliance obligations. Failure to do so could result in significant penalties, including the potential loss of the fund’s complying status.
Today we look at the following six things NOT to do with your SMSF.
1. Do not set up a fund to illegally access your super;
2. Do not provide financial assistance to yourself or a family member from your SMSF;
3. Do not use borrowed funds to make property improvements;
4. Do not mix up your personal or business assets with your SMSF;
5. Do not contribute into your fund if you are 65 or older and have not met the ‘work test’; and
6. Do not have your SMSF audited by the same Tax Agent who prepares your SMSF Financials and Tax Return.
Click here to read the full article, and don’t forget that Managing an SMSF can be a complex task to ensure you meet all regulatory and compliance requirements. JBS Financial Strategists are specialists in SMSF, and we take the complex task from you to allow you to enjoy the full benefits of running your own SMSF. For further information or a health check of your fund contact JBS.