The world of superannuation is complex with over 2000 pages of legislation. Self Managed Superannuation Funds (SMSF) provide Australians with the ability to control their own superannuation but they are not suitable for everyone. Their complexity really does require the assistance of a range of specialists.
Trustees can innocently make mistakes that can have severe consequences to their superannuation assets. This can occur particularly under the ‘sole purpose’ rule where trustees might consider using some assets before they can draw pensions from their fund.
It is vitally important for trustees to understand that while they can delegate the work of managing a SMSF they cannot delegate the responsibility.
In this section we provide information and references to other sources of information to assist Trustees to understand their responsibilities.
It is also very important to understand that Moneta Super is an administration service. It is not licenced under an Australian Financial Services Licence (AFSL) to provide advice on financial products (and an SMSF is a financial product) so it cannot advice on the suitability of a SMSF for any person not can it advise on the suitability of any investments or other features of a SMSF. However, it can provide factual information on what can be done within a SMSF. To consider the suitability of any investement, strategy or technique, trustees should consult a properly qualified adviser who is licenced under and AFSL.