Trustees are responsible for ensuring the fund is maintained for the sole purpose of providing benefits to the members upon their retirement, 保存年龄的达到, 如果成员去世，他们的受益人也可以. The trustees are also required to ensure the fund is operated in accordance with the 退休金 Industry (Supervision) Act 1993 and other relevant legislation. Breaches occur when trustees do not comply with these rules, 无论是无意的还是有意的, 产生了个人受托人, or directors of the corporate trustee to be personally liable to pay penalties. In the 2018 financial year, the tax office raised $1,743,003 in administrative penalties alone.
When completing the audit of a self-managed superannuation fund, 受托人常犯的错误有:
1 .向会员提供贷款
Members (and their relatives) are prohibited from borrowing funds from their SMSF, 包括短期贷款. Doing so will result in a breach of the 退休金 rules and hefty penalties can apply.
This is the most common breach reported by auditors to the ATO each year.
Some loans can be made to certain related parties (such as a related private company) where a proper agreement is in place and the dealings are done on arm’s length terms. This is also subject to in-house asset rules and must not exceed more than 5% of the total assets of the fund. However, the ATO recommends being cautious when lending from your SMSF.
2 .会员或合伙人使用SMSF资产
Assets acquired by an SMSF are not to be used by members or their associates. 受托人常犯的两个错误是:
住宅地产
Members and their associates are not permitted to live in the residential property held by the super fund, 即使租金澳门官方赌场按市场价值计算. 合伙人包括(但不限于)配偶, 父母, 孩子们, 兄弟姐妹, 商业伙伴及其配偶/子女, and any companies or trusts controlled by any of those respective parties.
关联方是, 然而, 能够占用商业场所, 前提是所有交易都保持一定距离.
收藏品(艺术品、硬币、珠宝)
Collectables must not be used for the personal enjoyment of fund members or their associates. 它们必须分开保管, either at a storage facility (not within the member’s residence) or hired out to a third party generating market value income (i.e. 澳门官方赌场生产).
3 .资产的市场价值不正确
资产按市场价值估值是至关重要的. This is especially significant when a member is in pension phase, as the market value of the assets directly affects the minimum pension requirements for the following year.
股票交易所的股票和现金很容易估值, 然而 other assets such as property and shares in unlisted companies may require assistance from a real estate agent or obtaining financial information such as financial statements.
4 .记录不准确，时间也不够长
By law, trustees are required to keep proper and accurate superannuation records.
澳门赌场官网记录等, financial statements and lodged tax returns must be kept for a minimum of 5 years. 更永久的文件, 例如受托人会议纪要, 受托人变更记录, 同意被委任为受托人, 并向成员提交报告, 需要保存至少10年.
记录必须以书面和英文保存. Where electronic records are kept, these need to be verifiable by the ATO, if required.
5 .不符合投资策略的资产
All investment decisions made by the fund must be in accordance with the investment strategy. 像这样, the investment strategy must be reviewed regularly to ensure investments are in line with the strategy. 在何处购买基金内的新类别资产, 比如国际股票或商业地产, 这个策略还没有考虑到这一点, 需要更新.
6 .资产名称设置错误
All assets of the fund are required to be in the name of the fund. 定期银行账户和其他资产, 比如股票, 是否设置了不正确的持有名称, 比如以个人会员的名义.
资产并非以基金的名义持有, the trustees should rectify the documentation as soon as possible.
Other documentation that often has the incorrect name includes life insurance policies and invoices for property expenses.
过期的信托契约
Trustees are required to ensure the fund trust deed remains up to date and makes provisions for any changes in legislation. Due to the ever-changing nature of the superannuation laws, the deed should be reviewed and upgraded where major changes happen in legislation or within the fund (such as a member commencing pension).
Your role as the trustee of a self-managed superannuation fund comes with a large amount of regulation that you must be aware of.
If you believe any of the circumstances above apply to your fund, 请与您当地的acru办事处澳门赌场官网 to discuss and avoid a negative outcome from your next SMSF audit.
