Self managed super fund rules are very simple to understand but you as a new member might not be familiar with some important ones. This is not a thorough guide but a primer to help you learn about 3 basic SMSF rules, which will make your life as a fund member or trustee much easier.

But first, why should you learn about SMSF rules? You might be wondering that when you have plans to get a SMSF manager and then get it audited from a certified auditor, what’s the need to waste time in this is. You might be right you are wrong too. No one can care about your investments more than you. These are simplest and basic outlines of things you as a SMSF owner should be concerned with. If you care about your money and want to see it grow, read on.

3 Basic SMSF Rules are:

It is an Annual Thing
We lead occupied lives and seldom do we remember that we have to review, audit and get compliance reports for our investments. SMSF is an annual thing. You can invest in various places and get your money’s worth, but if you do not comply with ATO guidelines and submit a report every year, you are doomed. Good businessmen and investors hate losing money. So, this is one important rule to know.

Trustee Obligation
Just signing the papers and listening to financial advice is not the only thing you need for a handsome retired and financially secure life. All SMSF trustees have several obligations and they have to fill and keep a record of certain documents and proofs. No accountant and CPA can be as cautious and as aware about them as you yourself. Want to be rich and profitable form SMSF – learn your obligations. Ask your auditor of accountant. Keeping an eye is all you need for a smooth SMSF return.

Proper Documentation
Another ignored fact is proper documentation. The simplest thing to do in SMSF is keeping your documentation, legal papers, assets declaration and other reports handy all the time. Not sure why, you are going to need it and attach them with your SMF outsourcing for review.

Want to know more about SMSF? Contact our experts on 1300 707 326 or [email protected]today.