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SMSFs – one in 20 may be in breach
A survey of self-managed superannuation funds has revealed that as many as one in 20 may be in breach of the superannuation regulations.
The survey, conducted by self-managed superannuation funds specialist Partners Superannuation Services, found that the four key areas in which transgressions emerge are:
• loaning against the fund for personal and business reasons;
• not keeping fund and personal assets separate;
• not having investments in the name of the trustee; and
• not appointing all fund members as trustees or directors.
Commenting on the findings of the survey, Partners director Martin Murden said the research findings were representative of the 330,000 self-managed superannuation funds across Australia.
He said that if self-managed superannuation fund trustees were concerned they might have breached the legislation or the deed governing their fund they should obtain appropriate advice.
AUTHOR
Mike Taylor
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