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Home / SMSFs / SMSF administration / Page 2

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.

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Top 5 mistakes SMSF trustees make with their annual returns

April 22, 2020 by Penny Pryor Leave a Comment

Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.

SMSF trustee meeting event checklist

February 13, 2020 by Penny Pryor Leave a Comment

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

January 1, 2020 by Barbara Drury Leave a Comment

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

January 1, 2020 by Barbara Drury Leave a Comment

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

December 4, 2019 by Penny Pryor 2 Comments

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?

December 3, 2019 by Barbara Drury Leave a Comment

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

December 3, 2019 by Barbara Drury Leave a Comment

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

November 20, 2019 by Alexandra Cain Leave a Comment

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?

November 19, 2019 by Penny Pryor Leave a Comment

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

November 3, 2019 by Penny Pryor 2 Comments

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?

October 1, 2019 by Alexandra Cain Leave a Comment

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?

October 1, 2019 by Alexandra Cain Leave a Comment

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?

August 1, 2019 by Alexandra Cain Leave a Comment

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

August 1, 2019 by Penny Pryor Leave a Comment

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

July 12, 2019 by Alexandra Cain Leave a Comment

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.

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Pension fund rankings
Super fund average returns
Super investing strategies
Comparing super funds
Choosing a super fund
Choosing an investment option
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Insurance and super
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SMSFs
SMSFs for beginners
SMSF administration
SMSF checklists
SMSF compliance
SMSF investing
SMSF pensions
SMSF strategies
SMSF Q&As
Plan your retirement
Retirement planning for beginners
When should I retire?
How long will I live?
How much super do I need?
Will I get the Age Pension?
How much will I spend in retirement?
Financial advice
Retiring overseas
Preparing for retirement
Retirement planning strategies
Retirement calculators and reckoners
In retirement
Income in retirement
Super lump sums
Super pensions
Age Pension
Working in retirement
Life in retirement
Senior concessions and services
Aged care
Estate planning
Super death benefits
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