An SMSF is no different to a fitness, diet or a savings plan, in that a few days dedicated to making sure it is in order for the year ahead will reap benefits over the next 12 months. So what are some of the things that you should be resolving to do for your SMSF in 2021?
SMSF trustees have a lot to remember. Along with trustee meetings and minutes, trustees need to keep up to date with current superannuation legislation and review their investments regularly. There are annual returns to lodge, auditor reports to arrange and actuarial reports to book as well if your SMSF is paying a certain kind of pension.
Legislation is soon expected to pass that will enable larger SMSFs. Are you thinking about adding members? Let us know in our poll.
Many SMSFs start off with just one or two members but, as members’ children mature and become adults, some SMSF trustees seek to add dependents to their fund.
Transfer balance account reports notify the ATO of any changes to SMSF trustees’ transfer balance accounts.
Life is never quiet for SMSF trustees and 2020/21 looks like it will be no different, with a recession and lots of new legislative requirements to deal with.
The SMSF supervisory levy is an annual payment that all SMSFs must pay to the Australian Taxation Office (ATO).
An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.
If you’re an SMSF trustee and you’re not using the services of an accountant, you must provide your fund auditor with all relevant documentation for your fund’s accounts and financial transactions for the financial year being audited.
An SMSF trust deed is a legal document that outlines how the fund will be set up and how it will operate. An Australian SMSF must be established with a trust deed that is compliant with Australian superannuation legislation.
Want to avoid an SMSF penalty? Make sure you use our annual admin checklist.
Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.
The minutes from trustee minutes are very important documents for your SMSF. Your auditor will examine them carefully every year and if your fund is ever randomly examined by the ATO, you will be in a much better position if you have comprehensive minutes around all major decisions made for the fund.
Running your own self-managed super fund has many benefits. But unless you have a high degree of SMSF and investment knowledge, as well as plenty of time available to manage your fund, you’re likely to need some professional help. Here we look at the factors you’ll need to consider before you choose a provider.
SMSFs provide members with a high degree of control over their retirement savings, but with that control comes responsibility. Here we look at the administrative, reporting and record-keeping obligations that trustees need to complete to ensure their fund complies with superannuation and taxation legislation.