SMSFs
Understanding the SMSF Sole Purpose Test
Why SMSF decisions must be connected to providing retirement or death benefits for fund members.
Why this matters
The sole purpose test is central to SMSF operation. Trustees need to consider whether a proposed investment, use of an asset or payment is consistent with the fund's retirement-purpose requirements rather than creating a present-day benefit.
What to organise
For significant decisions, retain the investment rationale, trustee minutes, contracts and records that show how the arrangement is being managed. Identify related-party connections before acting, as they can require particular care.
When to seek tailored support
If a proposed transaction has a personal, family or related-party element, seek qualified advice before proceeding. The consequences of getting superannuation rules wrong can be significant.
From information to a specific brief
If you are ready to discuss your situation, review SMSF accountant introductions in Sydney. It explains the referral pathway and what to prepare.
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