Course summary and your certificate
Well done — you’ve covered the essentials every SMSF trustee needs to know.
| Topic | Remember |
|---|---|
| Your responsibilities | You’re legally responsible. Sign the Trustee Declaration within 21 days. Keep records. |
| Penalties | Up to $21,840 per trustee per breach, paid personally. |
| Setting up | Every account in the fund’s name. Rollovers go through the ATO’s SMSF verification. |
| Contributions (2026-27) | $32,500 concessional, $130,000 non-concessional (up to $390,000 with bring-forward). |
| Sole purpose (s62) | Retirement benefits only — no benefits today. |
| Arm’s length (s109) | Commercial terms with everyone. Non-arm’s length income taxed at 45%. |
| Investment strategy (Reg 4.09) | Written, followed and reviewed. |
| Property | No personal use by members or relatives. Claim running costs; purchase costs go to the cost base. Residential = no GST. |
| Separate assets (Reg 4.09A) | Own bank account, assets in the fund’s name. |
| Annual obligations | Accounts, independent audit, annual return, ATO levy. |
| No loans to members (s65) | Never lend to, or financially help, members or relatives. |
| In-house assets | Maximum 5% of fund assets. |
| Borrowing | Generally banned. New SMSF loans limited to business real property from 10 Aug 2026. |
Get your certificate
Complete the Final Assessment in the next section, then mark the course complete. Your certificate of completion will be available to download straight away from the course page and your dashboard.
Want the full picture?
This free course covers the essentials. The full SMSF Trustee Education Course ($11) goes deeper across 10 lessons — setup steps, trustee structures, contribution caps, pensions and winding up a fund.
General information only — not personal financial, tax or legal advice. Rules referenced are current as at October 2026. Check the ATO website or speak to a licensed adviser before acting.