SuperEasy® - SMSF Annual Administration

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Self Managed Superannuation Fund Annual Administration

Trustees of the self managed superannuation funds (SMSF) are responsible for ensuring their fund complies with the Superannuation Industry (Supervision) Act 1993 (SISA) as well as other legislative and administrative requirements. Penalties may apply if any of the legislative requirements are breached. Also, loosing of the fund's compliance means loosing the favourable tax rate.

Fund's compliance needs to be considered from the fund's establishment, by making sure that all relevant documents and forms are executed and submitted to the appropriate bodies, and also by completing all the necessary steps that will enable complying management of the fund.

After the fund is activated trustees responsibilities include:

Maintenance of the Investment strategy,
Trust Deed updating and making sure that the deed is in tune with the latest legislation,
Ongoing management of investments,
Paying members' benefits,
Record keeping of membership details (and retention of records for a minimum of 10 years),
SMSF Annual Tax Returns and lodgement with the ATO (and retention of records for a minimum of 10 years),
Reasonable Benefit Limits (RBL) reporting,
Annual Audit. SMSFs are required to have financial accounts and statements of the fund audited yearly by an approved auditor. Auditors must provide the audit report to the trustees stating that the fund has been audited and also whether the fund is still complying,
Keeping accurate and accessible accounting records that explain the transactions and financial position of the SMSF,
Preparing the annual operating statement and annual statement of the fund’s financial position,
Preparing the minutes of trustees meetings and decisions and retention of records for a minimum of 10 years,
Membership and trustee detail changes monitoring and the ATO notification,
Payment of the annual $45 Superannuation Supervisory Levy,
Staying in tune with the legislative changes relevant to the SMSF compliance.

For more information about any superannuation issue phone the Australian Taxation Office (ATO) Superannuation Infoline on 13 10 20, or visit their web site: www.ato.gov.au/super

To appoint SuperEasy® as your administrator CLICK HERE.

SuperEasy Pty Ltd is not licensed to provide advice on investments, or legalities of the types of investments that you can have. SuperEasy® strongly recommends that you seek professional advice before making any investment choice or decision!

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