Administration Requirements for Managing a SMSF
Self Managed Super Funds (SMSFs) have been around for several years and have become one of the biggest sectors in the Australian Superannuation industry, by both the number of funds and the asset size. While they are a popular superannuation option, they require high levels of involvement and responsibility. On top of your investment choices, there are many administration and accounting details to consider when managing a SMSF. A rewarding SMSF is not a simple “set and forget” project and it is smart to seek the services and advice of a professional Accountant.
Before setting up a SMSF, it is good to have a basic understanding of how the fund will operate and be controlled. The fund can have up to 4 members who own and benefit from the account, and must be listed as a trustee. Depending on the SMSF set-up, you can be listed as an individual or corporate trustee, and make decisions in the best interest of the fund. Additional trustees can also be added, without being considered a member or owning the SMSF.
Once you have decided to create a SMSF, there are multiple administrative and accounting details to set up and consider. You will need an Accountant to assist you with managing your SMSF processes and ensure that it all meets industry and legal standards.
These key items include:
- Opening a bank account
- A Tax File Number (TFN) for the SMSF
- Australian Business Number (ABN)
- Setting up the Trustee documentation
- Trustee Declarations
- SMSF Trust Deed
- Additional paperwork and reports
At MAS Tax Canberra, we work with some of the top Australian law firms to make setting up and managing a SMSF easier for you. In just one meeting, we can start evaluating your options and to get things up and running. We also have a network of Financial Planners, Banks, Mortgage Brokers and Wealth Management Advisors who can provide you with expert SMSF advice, and help you to get the most from your SMSF.
Our expert SMSF Accountants can provide you with the needed services and support, and ensure that your SMSF accounting and compliance is completed. As a trustee, you are legally responsible for proper administration of the SMSF. We can assist you to manage your obligations and submit the administration work correctly and on time.
Our SMSF Accounting services include:
- Annual Balance Sheet
- Profit & Loss Statement
- Preparation of annual Member Statements
- Preparation of annual Trustee Resolutions & Minutes
- Tax Return preparation and lodgement
- Refer you to an expert inhouse SMSF Auditor
- SMSF and accounting software
As the structure and goals of a SMSF can differ, you should always seek professional advice from your Accountant.
Learn more about our Canberra office, including the Tax, Accounting, Business and SMSF services that we provide.
For more information or to make an appointment, please contact us below or call us on 1300 627 829
