| Section or Regulation
|
Explanation
|
| S17A |
The fund must meet the definition of an SMSF |
| S35AE |
The trustees must keep and maintain accounting records for a minimum of five years |
| S35B |
The trustees must prepare, sign and retain accounts and statements |
| S35C(2) |
The trustees must provide the auditor with the necessary documents to complete the audit in a timely and professional manner; and within 14 days of a written request from the auditor |
| S62 |
The fund must be maintained for the sole purpose of providing benefits to any or all of the following:
- fund members upon their retirement
- fund members upon reaching a prescribed age
- the dependants of a fund member in the case of the member's death before retirement
|
| S65 |
The trustees must not loan monies or provide financial assistance to any member or relative at any time during the financial year |
| S66 |
The trustees must not acquire any assets (not listed as an exception) from any member or related party of the fund |
| S67 |
The trustees of the fund must not borrow any money or maintain an existing borrowing (not listed as an exception) |
| S67A-67B |
The fund must comply with the limited recourse borrowing arrangement rules when borrowing to purchase single acquirable asset or replacement assets (not listed as an exception to the borrowing rules) |
| S82-85 |
The trustees must comply with the in-house asset rules |
| S103 |
The trustees must keep minutes of all meetings and retain the minutes for a minimum of 10 years |
| S104 |
The trustees must keep up to date records of all trustee or director of corporate trustee changes and trustee consents for a minimum of 10 years |
| S104A |
Trustees who became a trustee on or after 1 July 2007 must sign and retain a trustee declaration |
| S105 |
The trustees must ensure that copies of all member or beneficiary reports are kept for a minimum of 10 years |
| S109 |
All investment transactions must be made and maintained at arms- length — that is, purchase, sale price and income from an asset reflects a true market value/rate of return |
| S126K |
A disqualified person cannot be a trustee, investment manager or custodian of a superannuation fund |
| Sub Reg 1.06 (9A) |
Pension payments must be made at least annually, and must be at least the amount calculated under Schedule 7 |
| Reg 4.09 |
Trustees must formulate, regularly review and give effect to an investment strategy for the fund |
| Reg 4.09A |
The assets of the SMSF must be held separately from any assets held by the trustee personally or by a standard employer sponsor or an associate of the standard employer sponsor |
| Reg 5.03 |
Investment returns must be allocated to members in a manner that is fair and reasonable |
| Reg 5.08 |
Member minimum benefits must be maintained in the fund until transferred, rolled over, allotted (to the member's spouse) or cashed out in a permitted fashion |
| Reg 6.17 |
Payments of member benefits must be made in accordance with Part 6 or Part 7A of the regulations and be permitted by the trust deed |
| Reg 7.04 |
Contributions can only be accepted in accordance with the applicable rules for the year being audited |
| Reg 8.02B |
When preparing accounts and statements required by subsection 35B(1) of the SISA, an asset must be valued at its market value |
| Reg 13.12 |
Trustees must not recognise an assignment of a super interest of a member or beneficiary |
| Reg 13.13 |
Trustees must not recognise a charge over or in relation to a member's benefits |
| Reg 13.14 |
Trustees must not give a charge over, or in relation to, an asset of the fund |
| Reg 13.18AA |
Investments in collectables and personal use assets must be maintained in accordance with prescribed rules |
