202208 Quarterly SMSF update

The ATO will be moving to a streamlined reporting regime for SMSFs from 1 July 2023. This will require all SMSFs to report transfer balance account events in respect of members how often?  *This question is required.

• a) Within 10 business day of the event.
• b) Monthly.
• c) Quarterly.
• d) Half yearly.
• e) Annually

Which of the following statements is most correct regarding SMSFs and binding death benefit nominations (BDBN)?  *This question is required.

• a) An SMSF member’s BDBN will always lapse after 3 years.
• b) An SMSF member’s BDBN will always be non-lapsing.
• c) An SMSF member’s BDBN must have two witnesses.
• d) An SMSF member’s BDBN must be given to the trustee(s).
• e) An SMSF member’s BDBN will be determined by the fund’s trust deed.

An SMSF, not registered for GST, purchases a large area of residential land on a single title and leases the property to an unrelated party. A few years later, the SMSF decides to sub-divide the land into 25 residential lots, with substantial infrastructure costs and large promotional sales campaign. Would the SMSF likely be required to register for GST?  *This question is required.

• a) Yes, the value of the lots would be counted in the GST turnover test.
• b) No, it’s a mere realisation of a capital asset and the sale proceeds will not be included in the GST turnover test.

The ATO’s SMSF early engagement and voluntary disclosure service should be considered by an SMSF trustee where? *This question is required.

• a) The SMSF has an unrectified regulatory contravention that has not been reported by the fund’s auditor and the SMSF is not under ATO review.
• b) The fund’s auditor has already reported the regulatory contravention.
• c) The fund is seeking clarification on whether a regulatory contravention has occurred.
• d) An SMSF trustee is reporting a contravention that involves another SMSF trustee.
• e) All of the above

An individual who was appointed as a director of an SMSF trustee prior to 1 November 2021 and continues to hold that office, must apply for a director identification number by?

• a) 30 September 2022
• b) 31 October 2022
• c) 30 November 2022
• d) 31 December 2022