An SMSF is unique as it allows you to control and direct the fund’s investments and fortunes, but there’s a catch. You take on all the responsibilities that go with running the fund even where you get others to help you. But if it all ends up in a mess, you could cop it from the regulators and possibly other fund members.
This article provides a list of things to keep your eagle eyes on and make sure the fund records are in good condition. It will help keep the fund auditor and the ATO happy if they wish to take a look at them. Remember, it’s better to have it down in writing rather than taking a rough second guess on what’s happening with the fund’s operations.
Setting up an SMSF