As an SMSF trustee you must make sure:
- You lodge the SMSF Annual Return with the ATO. This is a combined tax and regulatory return that MUST be completed every year.
- You engage an approved SMSF auditor to complete an audit of your fund.
- You pay the annual SMSF supervisory levy which is included in your SMSF Annual Return.
- You ensure that fund assets are valued so that your SMSF financial statements and annual return are accurate.
- You keep proper records as required by the superannuation and tax laws, such as trustee declarations and actuarial certificates.
- You notify the ATO of any significant changes to the fund, such as a new trustee or a change in contact details, within 28 days of the change.
- If you make a contribution to your fund you must ensure your fund is able to accept the contribution. For example, the contribution needs to be under the fund capped contribution limit in the superannuation law.
- If your SMSF is paying pensions, ensure you pay the minimum annual pension payments to keep your tax concessions on pension assets.
SMSF Checklists
Operating a Self Managed Superannuation Fund (SMSF) takes considerable time and effort as there is numerous government regulations that you need to be aware of and ensure they are on your checklist. At every stage of operating your SMSF, it’s highly important that you keep track of things and the recommended way is by using a checklist.
An SMSF checklist will help you to manage your fund and meet all your SMSF obligations. With an SMSF, you are in charge and the obligation is on you to ensure that all government regulations are correctly adhered to.
While investment decisions are made by the trustee, you are also responsible for complying with tax laws, the auditing of your SMSF doesn’t need to be a complicated process.
SMSF Specialist Audit Group are an independent business of specialist SMSF auditors, comprised of a team of industry experts with decades of experience located in Australia. You can feel secure in building a relationship with us knowing that we have the expertise and experience to work with you and your clients.
When it comes to selecting a professional to assist your business, it’s always the best idea to use an accredited professional.
SMSF Specialist Audit Group are one of the few SMSF auditor businesses that have access to the Australian Taxation Office ATO through the SMSF Auditors Professional to Professional Support Service. In addition, our auditors have all worked for the ATO as specialist SMSF auditors. This ensures that our clients are provided with the best knowledge and experience both externally within our business and with direct access to senior technical officers in the ATO. Your queries about technical issues identified within the audit process, can receive clear guidance directly from the ATO.
SMSF Specialist Audit Group are considered the leading experts when it comes to SMSF regulatory and audit compliance and can also provide support to resolve any SMSF administrative issues where other channels don’t exist.
When it comes to an SMSF audit, SMSF Specialist Audit Group use extensive knowledge and experience, to ensure regulatory compliance through our comprehensive audit processes.