smsf sole purpose test

Overview of the sole purpose test on SMSF

Sole Purpose Test On SMSF [Overview]

SMSF must meet the ‘sole purpose test’ to avoid penalties When commencing any self-managed superannuation fund (SMSF), there is one over-riding expectation that newly trustees should come back to again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to the various tax concessions available, but …

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SMSF Tax Deductions

What tax deductions can your SMSF claim? SMSF Sole Purpose Test The sole purpose test is a fundamental that SMSF trustees should keep in mind — that is, every decision made and action taken must be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF …

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