As a trustee of an SMSF it’s your responsibility to make sure that your fund is paying the right taxes. This is true even if you are using professionals to help with the various activities involved in meeting the SMSF’s taxation obligations.

Generally, the income of your SMSF is taxed at a concessional rate of 15%.

To be eligible for this rate, your fund must be a ‘complying fund’ that follows SMSF rules and laws. ‘Non-complying’ funds are taxed at the highest marginal tax rate of 45%.