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Home / SMSFs / SMSF administration

SMSF administration

SMSF administration

SMSF trustees have a number of administrative obligations to ensure their fund’s compliance with superannuation legislation, including:

  • signing and submitting their trustee declaration to the ATO when the fund is set up to indicate they are aware of all their responsibilities,
  • ensuring the fund is set up with a trust deed,
  • appointing an independent auditor who is licensed by ASIC,
  • valuing fund assets at market value,
  • paying the ATO supervisory levy,
  • event-based reporting,
  • reporting any fund member or trustee changes, and
  • maintaining general and financial fund records.

The ATO can impose a range of penalties on SMSF trustees who fail to meet their administrative obligations, depending on the severity of the non-compliance. It may be worthwhile for some trustees to obtain professional advice to help ensure their administrative compliance.

Learn about the key aspects about SMSF administration in the following SuperGuide articles:

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SMSF year-end checklist: Have you done what needs to be done?

SMSF year-end checklist: Have you done what needs to be done?

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What work can I do for my SMSF and can I be paid?

What work can I do for my SMSF and can I be paid?

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Your SMSF calendar for 2022

Your SMSF calendar for 2022

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Guide to SMSF trust deeds

Guide to SMSF trust deeds

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Guide to SMSF audits

Guide to SMSF audits

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SMSF setup guide: 9 steps you need to follow

SMSF setup guide: 9 steps you need to follow

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How to record SMSF minutes

How to record SMSF minutes

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How to wind up an SMSF

How to wind up an SMSF

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SMSF reporting and record-keeping requirements

SMSF reporting and record-keeping requirements

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Real DIY super: How to keep SMSF costs super low

Real DIY super: How to keep SMSF costs super low

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What you need to know about six member SMSFs

What you need to know about six member SMSFs

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Guide to the ATO SMSF supervisory levy

Guide to the ATO SMSF supervisory levy

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The SMSF trustee declaration explained

The SMSF trustee declaration explained

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SMSF annual admin checklist

SMSF annual admin checklist

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Top 5 mistakes SMSF trustees make with their annual returns

Top 5 mistakes SMSF trustees make with their annual returns

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SMSFs: What advice can your accountant provide?

SMSFs: What advice can your accountant provide?

Set out below are the latest articles that relate to smsf administration.

How to boost your SMSFs immunity to cybersecurity threats

How to boost your SMSFs immunity to cybersecurity threats

June 15, 2022

Keeping yourself and your SMSF safe online is critical these days. So take our SMSF cybersecurity questionnaire to make sure you’re covering all bases.

PremiumSMSF year-end checklist: Have you done what needs to be done?

SMSF year-end checklist: Have you done what needs to be done?

May 10, 2022

As June 30 approaches, it’s time to make last-minute contributions and get your SMSF housekeeping chores done and dusted.

Premium Can you be your own accountant for your SMSF?

Can you be your own accountant for your SMSF?

May 10, 2022

If you’ve got time on your hands and a good grasp of the super rules, then doing some of your own SMSF accounting tasks may be worth considering.

PremiumWhat to do if a member wants to leave an SMSF

What to do if a member wants to leave an SMSF

April 6, 2022

If there’s one thing certain in life it’s this – things change. If you or another member of your SMSF want to take your leave, strict rules apply.

PremiumWhat work can I do for my SMSF and can I be paid?

What work can I do for my SMSF and can I be paid?

March 15, 2022

There are strict rules governing paid work you can and can’t do for your SMSF. Getting it wrong can be costly.

Premium5 new year’s resolutions for your SMSF

5 new year’s resolutions for your SMSF

January 17, 2022

Most things in life benefit from some planning. Resolving to do these simple actions will help your SMSF run smoothly and could even boost its performance.

PremiumHow to add a new member to your SMSF

How to add a new member to your SMSF

January 10, 2022

As SMSFs are now able to have six members instead of four, here’s a refresher on the process involved in increasing your fund’s membership.

PremiumYour SMSF calendar for 2022

Your SMSF calendar for 2022

December 4, 2021

At the start of each year we put together a calendar to help you keep on top of your SMSF to-do list for the next 12 months.

PremiumHow to prepare for an SMSF auditor and fill in your SMSF tax return

How to prepare for an SMSF auditor and fill in your SMSF tax return

November 29, 2021

Just because you’ve chosen a DIY fund, doesn’t mean you have to do everything yourself. But if you choose to do most of the work, there are legal hoops to comply with.

PremiumSMSFs structures: Corporate or individual trustee?

SMSFs structures: Corporate or individual trustee?

November 29, 2021

Corporate trustees are becoming increasingly popular with SMSFs, but an individual trustee structure also has its merits.

PremiumGuide to SMSF trust deeds

Guide to SMSF trust deeds

November 29, 2021

Before you set out on your SMSF journey, you will need a road map known as a trust deed.

PremiumGuide to SMSF audits

Guide to SMSF audits

November 29, 2021

An annual audit is one of the necessary chores associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.

PremiumSMSF setup guide: 9 steps you need to follow

SMSF setup guide: 9 steps you need to follow

November 15, 2021

SMSFs offer more control than other super funds, but strict rules apply. Follow our 9-step guide to ensure your fund complies with all your legal obligations from the outset.

PremiumHow to record SMSF minutes

How to record SMSF minutes

November 11, 2021

If you’re new to SMSFs then you may also be new to minute-taking. If so, we request a minute of your time to guide you through the process.

PremiumHow to wind up an SMSF

How to wind up an SMSF

November 4, 2021

Like everything to do with SMSFs, there are rules and processes to follow when the time comes to call it a day.

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