Disclosure Questions in SMSF Annual Return

The new SMSF Annual Return will require trustees to make disclosures in respect of the following matters:

  • whether the SMSF has loaned money to members or their families
  • whether all investments of the SMSF have been undertaken on an arm’s-length basis
  • whether the SMSF has allowed member access to their benefits before retirement
  • whether the trustees (or directors) have paid themselves for their services to the SMSF
  • whether the SMSF has engaged in selling goods or services
  • whether all assets of the SMSF are appropriately identified as being assets of the SMSF
  • whether the approved auditor has provided other (ie non-auditing) services to the SMSF.

Providing false or misleading responses to these questions will now expose the trustees to administrative penalties.

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