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Sole purpose test
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Core purposes
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- A super fund must be maintained solely to provide members with one or more of the following:
- retirement benefits
- benefits on or after member reaches 65
- death benefits if member’s death occurred before retirement or reaching age 65 and benefits are paid to member’s LPR or dependants
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Ancillary purposes
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- A fund may also be maintained for one or more ancillary purposes, that is, the provision of:
- benefits on or after member’s termination of employment with an employer who had contributed to the fund
- benefits on cessation of member’s work due to ill health
- death benefits if member’s death occurred on or after retirement or reaching age 65 and benefits are paid to member’s LPR or dependants
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For ATO guidance see SMSFR 2008/2.
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