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  • What matters can SMSF specific advice cover?

    SMSF specific advice sets out the Commissioner's opinion about how superannuation laws apply in relation to a transaction or arrangement, including the following:

    • investment rules, including
      • those relating to an investment by a fund in a company or trust
      • acquisition of assets from related parties
      • borrowing or charges
      • in-house assets
      • business real property 
    • in-specie contributions or payments
    • payment of benefits under a condition of release.

    However, SMSF specific advice cannot be provided where the query relates to:

    • the complying status of your SMSF
    • trustee covenants as set out in subsection 52(2) of the SISA
    • the actual exercise of a discretionary power
    • the residency status of your SMSF (you can apply for a private ruling on this issue as it is a taxation issue).

    SMSF specific advice cannot be provided if your fund is not an SMSF or a former SMSF.

    For more information about SMSF specific advice, refer to Law Administration Practice Statement PS LA 2009/5 Provision of advice and guidance by the ATO in relation to the application of the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994 to Self Managed Superannuation Funds

    Last modified: 13 Aug 2021QC 22130