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Self Managed Super funds donations to charities and may be breaching release rules

By: admin|

Trustees of self managed super funds who donate to charitiesfrom their Self Managed Super funds may be breaching a condition of release and placing themselves in a position whereby they face a fine of up to $220,000 and or the fund be made non compliant and the fund’s assets taxed at the top marginal tax rate.

An individual can make a donation to a charity, whilst Self Managed Super funds are not allowed to unless they meet a special condition of release, such as retirement.

It is most important the trustees of the self managed super funds are fully aware of the roles and responsibilities otherwise the outcomes will become a very expenses learning exercise.

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