SMSF Basic Compliance Rules

Some basic rules about Self Managed Super Funds (SMSF)

Minimum Amount to Set up a SMSF?
There is no real minimum amount to set up a SMSF, its more a question of why would you want to. With the accounting and audit fees alone you need about $150,000 to $200,000 to make it profitable (depending on what you want to do with the SMSF).

Can i buy collectables inside my SMSF?
This is one type of asset than can be purchased, however there are several strict rules that relate to collectables, including storage, insurance, and ability to rent them out

Is the asset/investment at arms length?
The arms length rule is probably the most common questioned issue we are asked, no you cant buy that shack up the coast and go fishing each weekend, any asset purchased inside the SMSF must be held at arms length from its members or related parties.

This is an ongoing list of common questions that get asked, more to be added soon.