An introduction to SMSFs
Thursday 27 July 2023 at 11:00 am AEST
What you need to know about setting up and running a self managed super fund. We will take you through the key issues that trustees face when managing their own super fund.
- July 1: Happy new financial year! It’s time to start thinking about your SMSF’s strategy for the year ahead. What do your investments look like? Do you need to consider rebalancing if your asset allocations are out of whack? Will the SMSF need to start paying any member(s) a pension this financial year? Are there any other big events, such as new trustees, that might be on the cards this year? You’ve just closed off one financial year so no need to jump onto these things straight away but do put them on the radar.
- July 5: The corporate trustee annual review fee. If your SMSF has a corporate trustee, you will have to pay an annual review fee. This is usually the anniversary of the date of registration. We’ve slotted it in here, early in the financial year, to remind you to check when that was and to make a note of it. There may be a late fee if you don’t pay it on time.
- July 28: Effective 1 July 2023, all SMSFs are now required to report transfer balance events within 28 days after the end of the quarter in which the event occurred. So if a transfer balance event occurred in the last quarter you need to report it no matter what. SMSFs that were previously required to lodge annual TBA reports will need to lodge all unreported events by 28th October 2023.
- July 28: Super guarantee contributions for quarter 4 (1 April – 30 June). Employers are required to make contributions to the super fund by this date. It is worth checking that these amounts have been received into the fund.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.