• Loans and early access top SMSF voluntary disclosures

    We recently introduced our SMSF early engagement and voluntary disclosure service. This service offers a single entry point for SMSF trustees and professionals to notify us of unrectified regulatory contraventions.

    We are pleased to see that a number of trustees have already worked with their advisers to disclose unrectified contraventions to us and put in place plans to rectify the contravention.

    Over 50% of the disclosures received so far, relate to loans and early access.

    As a trustee, you must ensure that the member has met a condition of release before you release any funds, and check that the governing rules of your fund allow it. You also can't lend money or provide direct or indirect financial assistance from your fund to a member, or a member's relative.

    Loans made by your SMSF must be in the best interests of members and comply with your investment strategy. You should seek advice before entering into loan arrangements.

    We encourage trustees to continue to work with their SMSF professionals to rectify contraventions as soon as possible and to voluntarily disclose to us any contraventions that remain unrectified.

    For further information on how to access this service, see SMSF early engagement and voluntary disclosure service.

      Last modified: 12 Aug 2016QC 49863