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What is a related party of an SMSF?
According to the SIS Act, a related party in terms of a Superannuation Fund is:
1. A member of the fund;
2. A standard employer - sponsor of the fund; and
3. A Part 8 associate of an entity of a member of the fund.
An employer - sponsor is an employer who contributes to the fund for the benefit of the member or their associates or the dependants of the member in the event of death.
Part 8 associates of a member according to Section 70B of the SIS Act include:
- All other members of the SMSF;
- Relatives of the member;
- Business partners of the member;
- Any spouse or child of those business partners;
- Any companies that a member controls or influences; and
- Any trust that a member controls.