Disclosure Questions in SMSF Annual Return
8 April 2008
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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