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With professional help,
the management of a self-managed superannuation
fund is within the capabilities of most
people. However the fund trustees are responsible
for an important range of administrative
obligations.
1. Lodge annual income
tax and compliance returns
All SMSFs
must lodge an annual income tax return and
other compliance information with the Tax
Office. The lodgement and payment date will
depend on the size of the fund and whether
or not it is prepared by a tax agent.
All SMSFs are required to report member
contributions and the payment of benefits
to the Tax Office as well.
2. Arrange for an annual audit
All SMSFs are required to have their financial
statements and accounts audited each year.
In addition, the auditor is required to
assess the fund's overall compliance with
the SIS Act. The audit report is required
to be completed before the fund is required
to lodge its tax return.
3. Pay the ATO Supervisory Levy
All SMSFs are required to pay an annual
supervisory levy of $45 to the Tax Office
by the lodgement date for their tax return.
4. Maintain adequate records
Trustees
of a SMSF are required to:
- keep accurate records
that explain the transactions and financial
position of the fund for at least five
years;
- prepare financial
accounts and keep them for at least five
years;
- prepare minutes of
trustee meetings and decisions and other
records for a minimum of ten years;
- keep copies of all
reports given to members for at least
ten years.
5. Notify the ATO if
the fund is to be wound up
Trustees of a SMSF must notify the Tax Office
if a decision is made to close down the fund.
This is done by completing the relevant sections
of the funds tax return. Trustees also need
to ensure that all tax and reporting obligations
at the time of the winding up are met.
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