• JCMB Consulting

    Self-managed Superannuation Fund Audit and Consulting Services

     

    Find Out More...
  • JCMB Consulting

    Trusted, Experienced, Professional - Superannuation Services in Inverloch

     

    Find Out More...

No - Not Always!

Although as the Trustee of your SMSF you set your fund’s Investment Strategy and decide where to invest your fund’s monies, there are restrictions in place to safeguard that money that are imposed by the Superannuation Legislation.

One of these restrictions is the SOLE PURPOSE TEST – this is a fundamental requirement for all super funds to follow to ensure that the Fund’s sole purpose is for the provision of retirement benefits to members and their beneficiaries (in the event of death).

Because of this requirement there are some things that your SMSF just cannot do, for example invest in vintage cars that are driven by you on the weekend, buy a house to put your parents in, lend the SMSF monies to your small business at a great interest rate ….

Whilst the above examples are black and white, there are many grey areas in investing, particularly where there is a related party involved in the investment.

It is always best to seek proper advice before you enter into an investment in your SMSF, as there are significant tax and personal penalties that the ATO can apply when the Sole Purpose Test or other investment provisions are breached.

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JCMB Consulting Pty Ltd
PO Box 480, Inverloch, VIC 3996


 
ABN 86 768 265 615
Michele Beattie – Principal


C.A., B. Commerce (Melb), Approved SMSF Auditor / SMSF AUDITOR NUMBER - 100 087 330


Liability limited by a scheme approved under Professional Standards Legislation

Michele Beattie is an Authorised Representative No. 001242630 of the SMSF Advisers Network Pty Ltd - ABN 64 155 907 681
An Australian Financial Services Licensee - AFSL No 430062 - http://www.smsfadvisersnetwork.com.au
JCMB Consulting is a Corporate Authorised Representative No. 001242634