SMSF – Separation Of Assets

As a trustee, it is crucial to ensure that the assets of the fund are separate from personal assets, not only to comply with super laws but also to protect the fund from personal financial disputes. This can be achieved by having a separate bank account for the fund and ensuring that all assets are documented as held by trustees on behalf of the SMSF. Failure to do so can result in severe consequences, including a loss of assets and fines. It is essential to seek professional help for asset ownership and title documents, particularly for assets subject to different state laws. Remember, SMSF assets are solely for retirement and not for personal or business use.