SMSF Administration matters

Check you have met your reporting and administration obligations

Some of the functions that must be performed annually on behalf of a superannuation fund include –

• Appoint an approved auditor to audit your SMSF.
• Lodge your SMSF annual return withy the ATO for your SMSF each year by the due date, providing all the information required – and paying the supervisory levy.
• If you are having trouble lodging by the due date, seek an extension of time to lodge.
• Keep minutes outlining investment decisions and how decisions are made.
• Keep records to explain the transactions of your SMSF.
• Keep annual operating statements and annual statements of your SMSF’s financial position.
• Keep records to show who the trustees of your SMSF are and their consent to act as trustees.
• Keep copies of returns and information provided to members.
• Keep required income tax and deduction documentation as part of your record keeping obligations.
• Don’t make decisions without documenting them.
• Notify the ATO of any change of details for the SMSF (for example, change in trustee or members).
• Keep the original copy of the trustee declaration with your records.
• Don’t send us the trustee declaration.
• Make sure you have any actuary certificates you need and keep a copy with your records.
• Maintain an up-to-date Investment Strategy document – and monitor that the performance of the SMSFs investments is in line with that document.