SMSF compliance checklist
For advisers and accountants
ASIC Red flag SMSF indicators
It’s important to remember that SMSFs are not a suitable retirement savings structure for every client. In report 575, ASIC identifies a number of ‘red flags’ that may suggest an SMSF is not a suitable structure for a client.
SuperConcepts, in consultation with the University of Adelaide, has developed some multiple-choice questions to test the presence of one or more of the reg flag indicators referred to in ASIC report 575.
Your client’s response to these questions provide an indication of the suitability of an SMSF structure.
While these questions are designed to identify the presence of the red flag indicators referred to in ASIC report 575, there may be other factors, which given the client’s relevant circumstance, may need to be taken into account when assessing the suitability of an SMSF structure.