Self managed super fund fact sheets

Trustees of self managed superannuation funds (SMSFs) are ultimately responsible for the running of their fund. It is imperative that each trustee understands the rules governing complying SMSFs and the duties, responsibilities and obligations of being a trustee.

Rules exist to ensure the protection of the assets in the fund until they are needed at retirement. There are significant penalties imposed on trustees who fail to perform their duties.

These rules and duties are outlined in fact sheets issued by the Australian Taxation Office and can be found on their Web site at: http://www.ato.gov.au/superprofessionals/
 

Some of the key fact sheets summarising the rules for self managed super funds include:

▪ Thinking about self-managed super?

http://www.ato.gov.au/superfunds/content.asp?doc=/content/00182491.htm

▪ Setting up a self-managed super fund

http://www.ato.gov.au/superfunds/content.asp?doc=/content/00182478.htm

▪ Running a self-managed super fund

http://www.ato.gov.au/superfunds/content.asp?doc=/content/46427.htm

▪ Role and Responsibilities of Trustees

http://www.ato.gov.au/content/downloads/spr46427n11032.pdf

▪ DIY Super - It's your money but not yet!

http://www.ato.gov.au/super/content.asp?doc=/Content/47067.htm

▪ The Sole Purpose Test

http://www.ato.gov.au/smsf/content.asp?doc=/Content/00148781.htm
http://law.ato.gov.au/atolaw/view.htm?DocID=SFR/SMSFR20082/NAT/ATO/00001

▪ Administrative Obligations

http://www.ato.gov.au/smsf/content.asp?doc=/Content/00150955.htm

▪ Keep Proper Records

http://www.ato.gov.au/smsf/content.asp?doc=/content/00152880.htm&pc=001/135/005/002/011&mnu=40688&mfp=001/135&st=&cy=1

▪ Self Managed Super Fund Penalties

http://www.ato.gov.au/super/content.asp?doc=/Content/23067.htm

▪ In House Assets

▪ Instalment Warrant Borrowing Arrangements

http://www.superguardian.com.au/resources/YourGuardian/February08.pdf
http://law.ato.gov.au/atolaw/view.htm?DocID=TPA/TA20085/NAT/ATO/0001

▪ Business Real Property

http://law.ato.gov.au/atolaw/view.htm?DocID=DSF/SMSFR2008D3/NAT/ATO/00001

▪ Conditions of Release (Accessing your benefits)

http://www.ato.gov.au/smsf/content.asp?doc=/Content/00161133.htm

▪ Key Superannuation Rates and Threshold

http://www.ato.gov.au/government/content.asp?doc=/Content/60489.htm

▪ Winding up a self-managed super fund

http://www.ato.gov.au/superfunds/content.asp?doc=/content/00182487.htm

▪ Subscribe to ATO SMSF News

http://www.ato.gov.au/smsf/content.asp?doc=/content/00098951.htm&pc=001/135/008/001/002&mnu=40709&mfp=001/135&st=&cy=1