Why Compliance is Non-Negotiable

The ATO regulates all SMSFs in Australia. Non-compliance can mean hefty fines, fund disqualification, and personal penalties.
If you’re setting up an SMSF, you must follow ATO rules from day one.

SMSF Set Up Rules

  • Maximum 6 Members – since July 2021.
  • Sole Purpose Test – fund must exist solely to provide retirement benefits.
  • Trustee Structure – corporate trustee recommended.
  • ATO Registration – via ABN and TFN.
  • Investment Strategy – must be documented.

SMSF Property Rules

  • Residential property cannot be lived in by members or relatives.
  • All property purchases must be at market value.
  • Bare trust required for borrowed property.
  • Rent must be paid at market rate.

SMSF Contribution Rules

  • Concessional contributions capped at $27,500 (taxed at 15%).
  • Non-concessional contributions capped at $110,000.
  • Downsizer contributions available from age 55.

Ongoing ATO Obligations

  • Annual tax return (Form NAT 71226).
  • Independent audit.
  • Maintenance of trustee minutes and records.
  • Reporting of cryptocurrency and digital assets.

SMSF Compliance Checklist

  • Trust deed executed
  • Corporate trustee registered
  • Fund registered with ATO
  • Bank account opened
  • Investment strategy created
  • Rollovers and contributions documented
  • Auditor appointed

Penalties for Non-Compliance

  • $18,780 penalty per trustee for serious breaches.
  • The fund may be made non-complying, losing concessional tax rates.
  • Trustees can be personally liable.

Why Work With an SMSF Specialist

Compliance is complex and unforgiving. Working with a qualified SMSF accountant ensures:

  • Your fund stays compliant.
  • You avoid costly ATO mistakes.
  • Your strategy maximises tax efficiency.

Contact New Venture Wealth today to ensure your SMSF setup is 100% ATO compliant.