Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: Trustee of SMSF Charged

18.12.08

In a media release, ASIC said that a trustee of an SMSF has been charged for breaching the sole purpose test as required by the superannuation legislation.

This is the second case that ASIC has brought against trustees of SMSFs.

Broadly, the sole purpose test requires a trustee to ensure that an SMSF is maintained for the provision of benefits upon a member’s retirement or the member attaining 65 years of age.

TIP: A trustee who contravenes the sole purpose test may be liable for a civil penalty which attracts a fine of $220,000 and/or five years imprisonment.

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