Live & Online Events

Festive season office hours

  • Friday 6 December – closed for staff Christmas party
  • noon Friday 20 December – closed until
  • 9am Monday 6 January 2025 – open for business as usual

12:30pm AEDT Thurs 5 Dec – FREE online Q&A with Cass – click here to join or enter Meeting ID 440 195 792 997 Passcode Cz6eH7Wk

8pm AEDT Mon 16 DecAinslie Bullion & Banter (register here)

12:30pm AEDT Thurs 16 Jan – FREE online Q&A with Cass – click here to join or enter Meeting ID 462 500 612 451 Passcode SmrGWX

*all times AEDT (Canberra time)

With banks continuing to close branches and forcing customers to use online banking, SMSF auditors have noticed an increase in SMSF withdrawal errors where a trustee mistakenly transfers from their SMSF account instead of their personal bank account. 

SMSF assets must be kept separate from members’ personal assets and this mistake will likely result in a reg 4.09A breach. Depending on the circumstances of the breach, it may or may not raise compliance action from the ATO. 

Other issues with the separation of assets include insurance policies in the name of only the members, and mistakenly putting the wrong entity as the owner of an SMSF asset.

If the asset is property and the declaration of trust is signed after the purchase, that can trigger double stamp duty. 

Make sure you all your paperwork prepared and in order before making any offer on a property you intend your SMSF to invest in. Mistakes can result in unwanted financial consequences. Read more detail here at SMSFAdviser.