Rest easy with SMSF compliance

Step 3 to stay on the right super track

You’ve set up your SMSF and have the administration under control. It’s important to understand what you need to do be a compliant super fund that ticks all the regulatory and legal boxes for the ATO.

What does a SMSF have to do to be compliant?

When you have a SMSF, you are the trustees of the fund. As trustees, you are responsible for the compliance of your fund including:

arranging for an ASIC approved auditor to audit your fund

lodging an annual tax return and fund tax return

preparing a set of financial accounts for the fund

What about pension funds?

Some SMSFs pay different types of pensions to some fund members. We’ll keep up with the documentation you need across:

pension calculations

actuarial certificates

required minutes

annual PAYG payment summary statements (if you’re under 60)

annual pension minimum or maximum requirement.

What if there’s a compliance issue with my fund?

If your fund has breached any of the conditions to be a compliant fund, it’s important to keep the lines of communication open. Talk to our team as soon as possible and we can help you get back on track and manage disclosure to the ATO.

Your next step: Super planning

Your SMSF is under control with smart setup and administration, and its compliant with the ATO. But there’s another crucial step if you want to take control of your super. Making plans and setting up smart strategies to suit your individual situation is part of what savvy super planners can do for you.