January 1, 2020 @ 7:00 pm - January 1, 2025 @ 7:00 pm ACDT$275
This module unpacks the advantages and disadvantages of having an SMSF before taking a step by step look at what is required to establish a SMSF that is complying and regulated by the ATO. It also takes a look at the first significant link to the tax law which requires an SMSF to meet the definition of an Australian superannuation fund to remain a complying super fund.
The module then covers the various trustee covenants that form a framework within which all trustees must operate, when dealing with an SMSF’s assets before looking at the penalty regime that applies to all SMSFs for a breach of the super laws. It outlines the various compliance tools available to the Commissioner including administrative penalties, issuing education or rectification directives, disqualifying a trustee and making a fund non-complying.
On completing this module, participants should be able to:
- identify some of the considered advantages and disadvantages of having an SMSF
- list the key regulatory steps required to establish an SMSF
- identify the key trustee covenants and their associated regulations to ensure an SMSF meets its obligations with regards to assets and investment strategies
- describe the characteristics of an Australian superannuation fund
- ensure an SMSF continues to satisfy the definition of an Australian superannuation fund
- discuss the various penalties that may be imposed on SMSF trustees for a breach of the SIS Act.