Running, or deciding to set up a
self-managed super fund (SMSF)
gives you control, but it also
brings legal responsibilities.
The Superannuation Industry
(Supervision) Act 1993 (SISA)
contains detailed rules on trustee
duties, investments, borrowing,
payments, and recordkeeping.
Simply put, you cannot identify
or avoid breaches you don’t know
exit. For Trustees, this should
mean education is not optional
but rather, is essential for risk
management.
Many common breaches arise
from misunderstanding basic
SISA duties (for example, sole
purpose, arm’s length dealings,
or in-house asset limits.)
Education protects members:
The consequences of a breach
can include loss of tax concessions,
penalties and remediation
costs that reduce retirement
savings for members.
Know the rules before you
break them.
Talk to us today - 07 4948 4444.
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