Test Quiz Trustee Knowledge Quiz Thinking about starting a SMSF or are an existing trustee? Take this quiz and test your knowledge. Your Name Your Email Contact Number Select the correct statement: An SMSF trustee wants to lease a residential property owned by the fund to his son:This is acceptable providing the son pays commercial rent and signs a lease agreement with the SMSFThis is acceptable as the son is a related party of the fundThis is not permitted as it breaches the sole purpose testThis is not permitted as the son is not a member of the fund Which of the following statements are true? An in-house asset is:An investment in expensive furnitureAllowable providing it meets all other investment rules and total inhouse assets of the fund is less than 5% of the fund’s total market value.Not allowed unless it is an investment in a residential property. An SMSF trustee must payout the member’s preserved super benefits when the member turns 65?TrueFalse Yvonne is 61, and has never worked. Can she make a personal contribution to the SMSF?As Yvonne has never worked, she cannot make a personal contribution to a SMSFYes, providing Yvonne does not claim a tax deduction for the contribution.Yvonne can make a personal contribution as contributions can be made by anyone who is under 65 years of age. Roger is 72 years old, his spouse Mary is 68. Can Mary make an eligible spouse contribution for Roger?Yes, Mary is under 70, so she can make eligible spouse contributionsNo. Roger is over age 70 and cannot receive Eligible spouse contributions What statement is correct in relation to contributing for individuals over the age of 75.A SMSF can accept personal contributions provided the member meets the work testA super fund is able to accept mandated employer Super Guarantee ContributionsA SMSF can continue to accept all types of contributions. When a SMSF has 2 or more members, each member MUST be a Trustee of the fund, and all Trustees MUST be members of the fund.TrueFalse Who is held responsible by the ATO, when a SMSF accepts contributions from members that have not satisfied the eligibility criteria to contribute?Members of the FundTrustees of the FundThe fund’s Accountant or AdministratorAustralian Taxation Office. Are there limits to how much can be contributed each year to superannuation by any one member?Yes – there are concessional and non-concessional contribution capsNo – there is no limit to the amount that can be contributed Is it a legal requirement to have a documented Investment Strategy for the SMSF?Yes – it must be agreed to by all trusteesNo – The only requirement is that funds are invested. Time is Up!