Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.
Set out below are all SuperGuide articles that relate to SMSF administration.
SMSF trustee meeting event checklist
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.
Choosing an SMSF service provider
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.
Guide to SMSF administration, reporting and record-keeping
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.
How to wind up an SMSF
There are many reasons why you might choose to wind up your self-managed superannuation fund (SMSF) – you’ve retired and you’re not taking a pension, you don’t have the time to manage it efficiently anymore, or a trustee might have passed away – but, just like starting a SMSF, there is a proper process to go through.
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SMSFs: Corporate or individual trustee?
One of the first decisions you must make when setting up an SMSF is whether to choose a corporate or an individual trustee structure. We take a look at the pros and cons and the key differences between the two structures.
How to set up an SMSF correctly
Having your own SMSF can be a rewarding experience, provided your fund is set up correctly from the get-go. Here are the nine steps required to get your SMSF up and running.
Average costs and time to manage an SMSF
There’s debate in the SMSF sector as industry stalwarts question figures published by ASIC that suggest it costs $13,900 a year to run a DIY fund.
Can you be your own accountant for your SMSF?
If you have a reasonable knowledge of accounting and administration software, you might want to handle your own SMSF accounts. We look at what’s involved to give you a better idea if it’s for you.
How to record SMSF minutes
Part of the responsibilities of being a trustee for your self-managed superannuation fund include taking and keeping trustee minutes that keep a record of all major decisions made by the fund. So what exactly needs to be minuted and what should it look like?
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SMSF options: Should you remain invested or wind it up?
It’s an idea to do a regular cost benefit analysis to ensure if you have an SMSF, it’s still the right way for you to structure your assets.
What happens to an SMSF in the event of divorce?
Breaking up can be hard to do, it can also be financially costly. If you share an SMSF, then you will need to split your assets. Here’s what you need to know.
Single touch payroll (STP): What are the implications for SMSF trustees?
Single touch payroll (STP) reporting is a streamlined way for employers to provide the Australian Taxation Office (ATO) with payroll information, that is, pay as you go (PAYG) withholding and superannuation guarantee information.
What to do if a member wants to leave an SMSF
SMSFs offer members lots of benefits, including a great degree of control over investments and some tax advantages. Many members love them, however some also realise after a number of years that maybe an SMSF isn’t the right superannuation solution for them.
Legal case a lesson in proper SMSF admin and record keeping
A recent court case, known as the Narumon case, demonstrates how important it is for self-managed super fund (SMSF) trustees to ensure their documentation is up-to-date, and that binding death benefit nominations are valid.