The ATO requires super funds to be maintained for the sole purpose of providing retirement benefits to their members.Every investment decision or management decision made by superannuation fund trustees must be consistent with this sole purpose.Essentially, the intention of the sole purpose test is to ensure that fund trustees make decisions that are in(THE BEST RETIREMENT INTERESTS) of their members, NOT their current interests (or those of related parties).If any super fund transactions or decisions are deemed by the ATO to provide significant, non-incidental, direct or indirect benefit to fund trustees, members or related parties BEFORE RETIREMENT, the trustees are in breach of the sole purpose test.So, is the issuing of Qantas frequent flyer points in the retirement interest of members and not their current interest and does the receipt of these constitute a direct or indirect benefit to members before retirement ????????
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