STRATEGY
A COVID-19 SMSF checklist
The current coronavirus-driven economic conditions should prompt a review of SMSF structures and procedures. Bryan Ashenden identifies some critical aspects requiring re-examination.
BRYAN ASHENDEN is head of financial literacy and advocacy at BT Financial Group.
40 selfmanagedsuper
There can be no doubt COVID-19 has had an impact on everyone. Whether it be catching the virus itself, changes in employment, the impact on savings or simply spending more time at home, the ongoing impact of the coronavirus has been widespread. It is no different for the trustees of SMSFs when it comes to the operation of their fund. Rather than focusing on the negatives, however, this is, in fact, an opportune time for advisers to work with their SMSF trustee clients to ensure problems – both real and potential – are addressed to help protect the
fund and member balances from significant impacts from the current environment.
Is the SMSF still viable? The starting point should always be a consideration of whether the SMSF remains viable to continue to operate. There are many factors to take into account in assessing this question, but the focus is often on the account balance of the SMSF and that of its members, and the running costs of the fund. In assessing this, it is important to consider what is in the best interests of each member of the
