This month saw ASIC bring the first criminal charges against an SMSF trustee under the SIS Act.
It is alleged the trustee failed to ensure the fund was properly maintained in accordance with the sole purpose test.
The sole purpose test sets the purposes for which a superannuation fund must be operated, ie. to provide benefits for members after their retirement, on reaching retirement age, or on their death.
SMSF’s have grown in popularity in recent years and compliance appears to be an ongoing concern. This case serves as a warning to the serious view ASIC takes of non-compliance. If you are uncertain about whether your SMSF is complying with the Act, you should seek advice as early as possible.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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