Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.
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.
Starting an SMSF pension checklist
The following checklist will help you get on top of everything that needs to be when starting an SMSF pension.
SMSFs: How to start a pension
One of the benefits of having a self-managed superannuation fund (SMSF) is its ability to pay members an income stream, or account-based pension. Of course any superannuation fund can do this, but paying a pension from an SMSF offers members more control and flexibility.
SMSF annual admin checklist
Want to avoid an SMSF penalty? Make sure you use our annual admin checklist.
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.
Your SMSF calendar
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.
5 new year’s resolutions for your SMSF
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 2020?
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.
SMSFs: What advice can your accountant provide?
While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
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.
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 much time does it really take to run an SMSF… and what are the real costs?
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.
Guide to SMSFs and insurance
SMSF trustees need to assess whether each member of their fund has an appropriate level of insurance. In this article we look at whether there are benefits having insurance inside your SMSF rather outside your super fund.