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
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.
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
The advantages of using MDAs in an SMSF
Managed discretionary accounts (MDAs) have become an increasingly popular option for self-managed super fund (SMSF) investors. This is because, unlike managed funds, the SMSF members remain the beneficial owners of the underlying assets in the structure. They also offer considerable tax benefits. There are lots of ... Read more
Find out about the new contribution rules that help bump up SMSF balances and reduce tax
New rules mean self-managed super fund (SMSF) members can make additional contributions to their SMSF, which can bump up their balance and at the same time offset their tax bill.There are two contribution strategies that could provide SMSF members with up to $50,000 in deductions against their income in a financial ... Read more
How do the ipso facto rules apply to SMSFs?
Australia’s ipso facto laws have changed. This has relevance for self-managed super fund (SMSF) trustees. In simple terms, the ipso facto provisions relate to what happens when one of the parties that are signatory to a contract goes into administration or similar. DBA Lawyer Joseph Cheung explains changes to the law ... Read more
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.The STP reporting regime was introduced as an integrity measure to hold employers ... Read more
What to do if a member wants to leave an SMSF
Self-managed superannuation funds (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. Getting closure There’s a ... Read more
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. Power of attorney The case involved the SMSF of one Mr Giles, deceased, and a company of which ... Read more
What happens to your SMSF when you go overseas?
Self-managed super fund (SMSF) members have a number of options in terms of how to treat their fund when they head overseas. The time they intend to be away is a key factor to consider, as is how many of the SMSF’s members are moving overseas and their percentage of the beneficial interests.It’s important for ... Read more
SMSF housekeeping: Trustee checklist for 2019/2020
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.With the new Morrison Government announcing plans for yet another ... Read more
How much super do you need to set up an SMSF?
How much super you need to set up an SMSF is very contentious issue. It has been the subject of considerable analysis from the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC) and the Productivity Commission. However, there are still no clear answers. In this article, we’ll ... Read more
SMSF compliance: A guide to trustee responsibilities
Self-managed super funds (SMSFs) are privately run superannuation trust structures that are managed by trustees. All of the members of an SMSF must be either an individual trustee of their fund, or a director of the corporate trustee of the fund (if the SMSF has been set up with a corporate trustee structure). All SMSF ... Read more
Guide to SMSF audits
Self-managed super fund (SMSF) audits are mandatory in Australia and must be conducted by an auditor who is registered with the Australian Securities and Investments Commission (ASIC). This auditor must be independent (i.e. not have any financial interest in the SMSF, nor have any personal or business relationships ... Read more
Making SMSF decisions at different life stages
Self-managed super funds (SMSFs) are not a set-and-forget proposition. They require constant tweaking at different life stages to ensure they still suit members’ retirement needs. Here, we explore some of the factors trustees should consider as members progress through their lives. Winding up a fund Decisions to wind ... Read more