Has your Self Managed Super Fund got a breach?
If so don’t worry, there are a lot of rules with Self Managed Super and a lot of ways to break them! Most breaches are very petty and relate to what seems like trivial rules and laws but the ATO will still want you as Super Fund Trustees to fix the breach in a responsible manner.
How do you fix the breach? Well this is really what you need to work out, what has gone wrong and how do you fix it, once its fixed you can then show your Accountant and Auditor the next year you do your return and everything will be fixed. If you can’t work out what your breach is or how to fix it don’t stress out come in and we will help you. Most breaches are very easy to fix and in all cases you are better to deal with the problem rather than ignoring it.
At the moment because there have been a few key rule changes in the last few years we are talking to a Self Managed Super Fund trustee every few weeks with a fund breach and so far fixing them easily and with no financial penalty for the trustees or fund. (hopefully this trend continues!)