Trustees of an SMSF need to ensure the SMSF to comply with the Superannuation Act and Superannuation Regulations. First of all, if you use Superannuation Warehouse as your administrator, we will arrange and pay for the audit service, so this is taken care of. The cost of the SMSF audit is included in your monthly payments. If you perform your own accounting and tax for your SMSF, we can perform the audit for your Fund. The fixed fee for the audit is $450. Lower fee is for simple SMSFs or for accountants. To prepare for the audit, complete this checklist and you can download a template for accounts preparation, tax returns, Trustee minutes and other documents from the DOWNLOADS section in the menu. SMSF compliance needs to be considered during SMSF’s establishment and on an annual basis. These responsibilities include:
- SMSF needs to be operated within the rules of the Trust Deed
- Maintenance of the Investment strategy
- Invest according to the Trust Deed
- Record keeping of Membership details (and retention of records for a minimum of 5 years)
- SMSF Annual Tax Returns and lodgement with the ATO (and retention of records for a minimum of 5 years)
- Arrange for the Audit
- Keeping accurate and accessible accounting records of the SMSF
- Preparing annual Financial Statements for the SMSF
- Preparing the Minutes of Trustees meetings
- Payment of the annual $259 Superannuation Supervisory Levy (was $150 in 2010) as part of the annual tax return
- Staying abreast with the legislative changes relevant to the SMSF compliance
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Superannuation Warehouse assists Trustees to perform these responsibilities. It is a responsible position to be a Trustee of an SMSF and can be a very rewarding experience, especially to see your Superannuation balance grow.
To appoint Superannuation Warehouse as your SMSF administrator, for new SMSF set-up or to take over an existing SMSF, click here.
