Having a self-managed super fund (SMSF) can be an attractive alternative for managing your super because you get to make the investment decisions. However, there are other things you need to consider.
Your SMSF must be operated for the sole purpose of providing retirement benefits for its members. This means you can’t use funds from your SMSF to pay for personal or business expenses. This is known as illegal early access of super and severe penalties apply.
There are rules around what you can invest in when dealing with a related party.
The ATO recently released a factsheet (PDF,160KB)This link will download a file to help you understand the rules on accessing your super. Make sure you and your business comply with the rules surrounding SMSFs.
If you need help, please consider contacting the experienced team at Paris Financial to help you make the right decisions.
Source: ATO Newsroom