SMSF trustees are responsible for managing their SMSFs and ensuring the funds comply with relevant superannuation regulations. There are few things that are easily ignored by trustees, but those things are the key areas the ATO is focusing on. 1.Travel expenses. As per the superannuation law, the sole purpose of SMSFs is to provide superannuation…

Residency of SMSFs is critical to maintain the benefits of tax concessions. For a SMSF to meet the residency status, three tests must be satisfied: The SMSF must be set up in Australia and holds any asset in Australia; The central management and control of the SMSF must be in Australia; If there are active…