SuperGuide

Superannuation and retirement planning information

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:

Set out below are all SuperGuide articles that relate to SMSF administration.

5 new year’s resolutions for your SMSF

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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?

Your SMSF calendar

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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.