Self-Managed Super Fund
Date Started: 24 Mar, 2016
Date Completed: 24 Mar, 2016
Results: 5/10 questions answered correctly.

QUESTION 1: An SMSF cannot have more than:
You answered this question INCORRECT
Your answer was One Member.. The correct answer was: Six Members.

QUESTION 2: The trustees of an SMSF are responsible and accountable for:
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QUESTION 3: Which of the following is not a valid reason for why someone would want to set up an SMSF:
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QUESTION 4: The Productivity Commission found that SMSF’s have lower returns after expenses and tax compared to APRA-regulated funds with balances below:
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QUESTION 5: What is the legal document that sets out the rules for the SMSF?
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QUESTION 6: SMSF’s can be established under two type of trustee structures. These are:
You answered this question INCORRECT
Your answer was Single Trustees and Multiple Trustees.. The correct answer was: Individual Trustees and Corporate Trustees.

QUESTION 7: The most important test underpinning all investment decisions for an SMSF is the:
You answered this question INCORRECT
Your answer was Retirement benefits test.. The correct answer was: Sole purpose test.

QUESTION 8: An SMSF needs to have a written investment strategy. Which of the following considerations would not be set out in the investment strategy:
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Your answer was Whether the fund can borrow.. The correct answer was: Death benefit nominations for members of the SMSF.

QUESTION 9: Before making any investment, SMSF trustees need to ensure that the transaction would not breach specific rules under the Superannuation Industry Supervision (SIS) Act. They must also ensure:
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QUESTION 10: If an SMSF makes a loan to, an investment in or leases an asset to a related party this will be defined as an "in-house asset". Provided no other rules are breached these transactions are allowed, but the total value of all in-house assets cannot exceed what percentage of the fund's total market value:
You answered this question INCORRECT
Your answer was 50%.. The correct answer was: 5%.