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Is a SMSF right for you?
I am doing a series of guest posts on my accountant’s blog on the topic “Is a SMSF right for you?” as we were both concerned that some people may be starting SMSFs for the wrong reasons. Today’s post is about the importance of compliance:
Superannuation in Australia is governed by specific regulation called the Superannuation Industry Supervision Act (SIS Act) and there are a number of restrictions that apply. Failure to comply with these restrictions can make your fund non-compliant and this can have serious financial consequences (see article on AAT decision re non-compliant SMSF). Non-compliance does not mean you have done anything bad or illegal. It simply means you have failed to adhere to with one or more of the restrictions. For example, a number of people I know have told me that they would like to set up a SMSF to buy a house. After all, “I will need a house to live in when I retire and I think residential property is a sound investment”. This sounds like a good idea and this investment strategy is fine as long as you ….lewistaxation.com.au, Is a SMSF right for you? 3 key questions to ask #1 Compliance | Dollars & $ense, Aug 2009
If you are unsure what compliance means for SMSFs, you should read the whole article and read other Superannuation related articles on Dollars and $ense, a blog run by new age accountants Alan Lewis Accountants who actually like to pro-actively keep their clients and other taxpayers educated and informed.
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