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er. A financial adviser can:■help draft an investment strategy■provide advice on types of investments, and■ help ensure that members’ investments and level ofcontributions meet their retirement needs.

MOVE TO ACTIVE COMPLIANCE With the continued growth in the number of self managed superfunds, we are rebalancing our compliance efforts and focusingmore on active compliance.We have a range of enforcement options available, dependingon the nature of the breach and the circumstances. For moreserious cases, we can make a fund non-complying. This hasthe significant tax consequence of the fund assets and incomebeing taxed at 47%, rather than 15% for complying funds. Wecan also move to prosecute the trustees.Another option we have is to disqualify trustees, which preventsthem from acting as a trustee of any superannuation fund (seepage 19). If we believe a trustee is unable or unwilling to performtheir role adequately, we will disqualify them. We may take thisaction in conjunction with other enforcement options.HOW SELF MANAGED SUPERANNUATIONFUNDS INVESTSelf managed super funds have the largest proportion of theirassets invested in listed shares, but only a small proportioninvested directly in international shares. Currently these fundshave a much greater proportion of their assets invested in cashthan do other superannuation funds.The following graph represents asset allocations of selfmanaged super funds, based on information provided inregulatory returns lodged for the 2002 financial year.

ll members of self managed super funds are trustees – theycontrol the investment of their contributions and the payment oftheir benefits. As trustees, they are ultimately responsible for therunning of their fund.Trustees of a self managed super fund must meet theirregulatory (SIS Act and regulations) and administrative (incometax, GST, reasonable benefit limit and surcharge) obligations.These rules exist to ensure the fund’s assets are protected untilthey are needed at retirement.There are significant penalties imposed on trustees who fail toperform their duties. There is more information on the role oftrustees in our publication Self managed superannuation funds– role and responsibilities of trustees (NAT 11032).Trustees must meet the following requirements when running aself managed super fund.SAVE ONLY FOR YOUR RETIREMENTSelf managed super funds must meet the sole purpose testunder the SIS Act. The sole purpose test means that a selfmanaged super fund must be maintained for the sole purposeof providing benefits to members upon their retirement, or totheir dependants if a member dies before retirement.The sole purpose test is based on the premise thatsuperannuation benefits provide for a person’s retirement, andany investment decision must be clearly made for future ratherthan present benefit.Common breaches of the sole purpose test are:■ purchasing an investment that gives a benefit to a member orassociate – the sole purpose test means that the memberscannot enjoy a benefit from the investment before they retire■ running a business within the fund – a possible indication thatthe sole purpose test has been breached is where a fund isrunning a business as part of its investment strategy. Our viewis that if a superannuation fund is running a business it is notbeing administered for the sole purpose of providing benefitsfor the members and beneficiaries

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