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 ... Read more
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
The beginning of a new year is frequently the time when people begin planning for the year ahead. Many of us usually have a few days holiday, if not a few weeks, which gives us time to recharge and reflect. A self-managed super fund (SMSF) is no different to a fitness, diet or a savings plan, in that a few days ... Read more
Choosing an SMSF service provider
Most people who choose to run their own self-managed super fund are drawn to the control and flexibility they offer. But the reality is that 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 at least some professional ... Read more
What are the penalties for SMSF non-compliance?
It’s a rare person who enjoys paperwork. But for trustees of a self-managed super fund, it’s a necessary evil. That’s because there can be serious penalties if your fund isn’t set up and managed to comply with superannuation and taxation legislation. These penalties are imposed by the Australian Taxation Office ... Read more
Guide to SMSF administration, reporting and record-keeping
Self-managed super funds (SMSFs) provide members with a high degree of control over their retirement savings, but with that control comes responsibility. SMSF trustees have extensive administrative, reporting and record-keeping obligations to ensure their fund complies with superannuation and taxation ... Read more
SMSFs: What advice can your accountant provide?
Being the trustee of an SMSF can be challenging. But while many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To keep your fund compliant, you need to ensure you are getting assistance from someone licenced and qualified to do so. But what matters can ... Read more
What is a self-managed super fund (SMSF)?
As the name implies, an SMSF (also known as DIY super) is a private super fund that you manage yourself. So it’s no surprise that control is the number one reason people give when asked why they chose to fly solo. SMSFs give their members control over how their retirement savings are invested. Other reasons for ... Read more
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 ... Read more
What is the sole purpose test, and how does it work?
As superannuation goes under the microscope once again in the government’s Retirement Income Review, it’s worth pausing to reflect on the reason super exists. At the heart of all the super rules is the sole purpose test. All super funds must satisfy the sole purpose test to be eligible to receive the tax concessions ... Read more
How much time does it really take to run an SMSF… and what are the real costs?
There’s a fight happening in the self-managed super fund (SMSF) sector as industry stalwarts question figures published by the Australian Securities and Investments Commission (ASIC) that suggest it costs $13,900 a year to run a DIY fund. The SMSF Association (SMSFA) asked SMSF administrators BGL and Class to crunch ... Read more
Can you be your own accountant for your SMSF?
Many readers of SuperGuide like to manage as much of their self-managed superannuation fund (SMSF) themselves as possible. We’ve written before about how to find low-cost services but if you’ve got a head for numbers and accounting you might be able to go one step further. Just like you don’t need an accountant to ... Read more
Guide to SMSFs and insurance
If you’ve elected to run your own SMSF, chances are you’ve also taken a proactive and responsible approach to insurance. Regardless of whether you already have life insurance outside super or in a pre-existing super fund, when you start an SMSF you need to jump through a few hoops regarding your insurance ... Read more
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? Minutes and resolutions Like most minutes at any kind of ... Read more
SMSF options: Should you remain invested or wind it up?
Running a self-managed super fund (SMSF) isn’t for the faint-hearted. Sometimes, an SMSF may make sense at one point, only to find it’s not the best option down the track. For instance, the flexibility an SMSF offers in terms of the types of investments it can hold may be valuable if you once ran your own business and ... Read more
What happens to an SMSF in the event of divorce?
The breakdown of a marriage has wide-sweeping financial implications, including for the members of a DIY fund. We look at what needs to happen if assets are to be split. ... Read more