• Sole purpose of SMSF is to provide benefits to members when they retire – anyone related to an SMSF must not use its assets, or get any other benefit from it.
  • The sole purpose test applies to all assets, including collectibles such as artwork, jewellery and cars.
  • Before purchasing an asset, ask yourself “what is the purpose of this investment” – if it is to immediately benefit members or anyone related to the fund, don’t do it. If it’s solely to provide retirement benefits to members, it meets the sole purpose test.

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