Given That Commonly Many of the Operational Tasks Undertaken by a SMSF

question 21

Essay

Given that commonly many of the operational tasks undertaken by a SMSF are outsourced to various SMSF professionals (such as accountants, investment advisers, solicitors etc.), briefly discuss why do SMSF members remain directly liable (for compliance and potential civil/criminal penalties) for the actions of the fund.

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Definitions:

Immune System

A complex network of cells, tissues, and organs that work together to defend the body against harmful pathogens and diseases.

Lymphocytes

A type of white blood cell vital to the immune system, responsible for defending the body against infections and diseases by recognizing and targeting pathogens.

Sympathetic Nervous System

A part of the autonomic nervous system that activates what is often termed the fight or flight response during stressful situations.

Psychoneuroimmunology

The study of how psychological factors, the nervous system, and the immune system interact with each other.