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Re: Satisfying Work Test for over 65 member

Enthusiast

Views 753

Replies 4

Hi,

 

In 2019 ASIC stated that, on average, SMSFoperators spend more than 100 hours a year managing their funds.  My husband is a retired commercial lawyer and he has been responsible for the majority of the work on our fund.  He has easily spent that amount of time and my question is - If the super fund pays him for 40 hours of work, at a reasonable rate, would this satisfy the Work Test for members aged over 65?  I appreciate the SMSF must accept it, but my concern is satisfying ATO requirements.  Any advice would be appreciated, thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 2

You are forgetting one of the primary rules of SMSF's - trustees can't be remunerated for their work...

4 REPLIES 4

Most helpful response

Devotee

Replies 2

You are forgetting one of the primary rules of SMSF's - trustees can't be remunerated for their work...

Enthusiast

Replies 0

Thank you, can you suggest a guide to superannuation issues like this?

Enthusiast

Replies 0

Thanks