202107.1 Quarterly SMSF Update

To trigger the bring forward rule, an individual must be? *This question is required.

• a) Under age 67 at some time in the income year – effective 1 July 2020
• b) Under age 67 at some time in the income year – effective 1 July 2021
• c) Under age 67 at the time the contribution is made
• d) Under age 65 at some time in the income year

The maximum number of members in an SMSF from 1 July 2021 is: *This question is required.

• a) 4
• b) 5
• c) 6
• d) 4 for an SMSF with individual trustees and 6 for an SMSF with a corporate trustee

From 1 July 2021, a covenant applicable to an SMSF is ‘to perform the trustee’s duties and exercise the trustee’s powers in the best financial interests of the beneficiaries’? *This question is required.

• True
• False

The non-arm’s length expenditure rules do not apply until 1 July 2022 due to the ATO’s transitional approach outlined in Practical Compliance Guideline (PCG) 2020/5.? *This question is required.

• True
• False

Using SuperStream for rollovers to and from an SMSF is compulsory from?

• a) 31 March 2021
• b) 1 July 2021
• c) 1 October 2021
• d) 1 July 2022