SMSF Specialist Advisor (SSA) Exam cheat sheet

SMSF Specialist Advisor (SSA) Accreditation Program

• SMSF definition: a superannuation fund with fewer than 5 members, no employer-sponsor members, and all members are trustees or directors of the corporate trustee.

• Trustee structure: individual trustees (each member a trustee) or corporate trustee (each member a director); single-member funds require either two individual trustees or a corporate trustee with a sole director.

• SIS compliance: fund must meet the sole purpose test (retirement benefits only), in-house asset limit (5% of total assets), and borrowing rules (limited recourse borrowing arrangement only).

• Contribution caps: concessional contributions cap $30,000 (2024-25), non-concessional cap $120,000 with bring-forward up to $360,000 over 3 years subject to total super balance < $1.9m.

• Minimum pension standards: account-based pensions require minimum annual drawdown based on age (4% age 55-64, 5% 65-74, 6% 75-79, 7% 80-84, 9% 85-89, 11% 90-94, 14% 95+).

• Investment strategy: trustees must formulate and review an investment strategy considering risk, diversification, liquidity, and cash flow; must also consider insurance for members.

• Audit requirement: SMSF must be audited annually by an approved SMSF auditor; auditor must be independent and registered with ASIC.

• Record keeping: trustees must keep records of contributions, rollovers, pensions, and investment transactions for at least 5 years; minutes of trustee decisions for 10 years.

• Penalties: contraventions may lead to rectification directions, administrative penalties (e.g., $4,500 per trustee for certain breaches), or fund disqualification as a complying fund.