#023 - SMSF Expert Explains What Happens If Your SMSF Breaches The Law ⚖️🚨
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#023 - SMSF Expert Explains What Happens If Your SMSF Breaches The Law ⚖️🚨
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About this listen
In this episode of SMSF Insider, host Troy discusses common breaches that can occur with self-managed super funds (SMSFs) and how to navigate them. He highlights significant issues such as allowing related parties to live in purchased properties, which violates investment rules, and the serious penalties that can arise, including potential loss of fund value and higher tax rates. Troy also covers other breaches like making loans to members or relatives and accessing super funds prematurely. As always, he reminds listeners to seek advice from licensed professionals before making any investment decisions. Tune in to gain valuable insights and ensure your SMSF remains compliant.
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Timestamps:
00:00:00 - 00:00:00: Introduction
00:01:11 - Common Breaches of SMSF Rules
00:02:07 - Addressing Breaches: Steps to Take
00:04:17 - ATO's Response to Breaches
00:05:56 - Avoiding SMSF Breaches