CPD Questions

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1. For SMSFs with a corporate trustee initial guidance on how trustee decisions should be documented is found within the: a) agenda for each meeting of trustees and directors b) company’s constitution c)trust deed of the fund d) SIS Act

2. Trustees typically need to document any information relating to their decision to accept contributions into the fund that are to be classified as: a) Spouse contributions b) Employer contributions c) CGT small business concessional contributions d) Personal concessional contributions a) Artworks b) Listed overseas assets c) Loans to non-related parties d) Options 1 and 3 a) Trustee/directors must first achieve a quorum agreeing to the use of a circular resolution b) All trustees must sign the same single copy of the resolution c) The date of the last party to sign the resolution determines its effective date d) Funds with individual trustees may only use a circular resolution a) True b) False a) True b) False

3. Which of the following investments should SMSF trustees document?

4. Which of the following statements is correct about trustee decisions documented using a circular resolution?

5. From 1 July 2022, fund trustees are relieved from responsibility for ensuring members satisfy a work test prior to accepting fund contributions.

6. Any decision involving contribution reserving must be fully documented by the fund trustees.

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• Any non-public asset investment to confirm it is not an acquisition from a related party or is within the permitted SIS related party acquisition and in-house asset rules.

• Any in-house asset acquisition should be documented as the 5% testing of the amount needs to be verified at the time of acquisition, as well as outlining how the continued monitoring of the limit will be conducted.

In effect, the easiest way to summarise when trustees should document decisions comes down to whether they need to prove to someone else the basis for a decision or can they rely on other documents that already exist. fs