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  • Relying on SMSF specific advice

    Though SMSF specific advice is not binding, it will provide certainty to your SMSF on the application of the SISA and SISR in relation to the arrangement or questions raised in your SMSF specific advice request.

    If we later take the view that the law applies less favourably to your SMSF than the SMSF specific advice indicated, the fact that you (as trustee of your SMSF) acted in accordance with that SMSF specific advice would be a relevant factor in your favour in our decision regarding what compliance action, if any, is to be taken in response to a breach of that law.

    As such, it is important that you make a full and true disclosure of all the relevant facts in relation to the arrangement on which the SMSF specific advice is sought. SMSF specific advice will not be applicable where relevant facts were not fully disclosed.

    Last modified: 13 Aug 2021QC 22130