What are my annual obligations?

SMSFs are a form of trust. They have their own Australian Business Number (ABN) and Tax File Number (TFN) which means they have annual reporting requirements to the Australian Taxation Office.

SMSFs also have strict compliance rules and regulations and it’s prudent to partner with an SMSF Specialist to navigate them.

On an annual basis, you will be required to:

  • Prepare a set of financial statements and an Income Tax Return;
  • Appoint an independent SMSF Auditor to conduct an audit on your fund;
  • Provide source documents for transactions to verify each individual transaction in your fund;
  • Ensure the assets are valued at market value as at 30 June;
  • Adhere to pension compliance requirements – ensuring any minimum pension drawing is made in the financial year it relates to;
  • Ensure you adhere to all reporting deadlines including BAS/IAS/PAYG;
  • Ensure your fund investment strategy is in line with the fund investments – and review it on an ongoing basis;
  • Ensure your death benefit nominations are documented, valid and held on file.

The Bell Direct SMSF online portal makes running your SMSF easy – with all of your fund information available at the click of a mouse.

 

This information is provided by ExpertSuper™ Pty Ltd ACN 628 032 888 (Authorised Representative No. 1274492). The information is general information only and does not take into account your objectives, financial situation or needs. You should obtain professional advice before acting on any of this information. Please refer to ExpertSuper’s FSG (available at https://www.expert-super.com.au/wp-content/uploads/2020/02/ES-Financial-Services-Guide.pdf) for contact information and information about any remuneration and associations with product issuers.