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What's involved in a Self Managed Superannuation Fund?

People like you might be looking into the future and thinking how would they have something to retire on one day? I truly believe most people don’t plan on an age to retire at and stick to the plan. Since it is about personal comfort at any point in time - they may constantly be asking themselves if they can afford to retire.

Things to be mindful of

Whilst its always a good idea to see a financial planner, they too don’t know your personal situation – changes to your primary earning capacity through work pay increases or receipt of inheritance as a few examples. Each time a significant event happens you need to revisit or update your Financial planner on your situation. The fact is no one is allowed to provide financial advice to you unless they hold the necessary licence to allow them to do so – this is due to industry regulation which is a lot cleaner and stricter now – for the benefit of the individual to help them realistically achieve the retirement outcome they are paying for.

In the event that advice has been given to put money in self managed superannuation the first point of call is a professional who can report accurately and lodge tax returns as both of these are necessary for the audit process. The Funds annual return must be lodged annually by a registered tax agent. Running a fund can at times feel as though you are running a business. It has an ABN, has a bank account of its own and probably has its own investments separate to your own.

Bills are paid from the SMSF’s bank account and any investment income such as interest, dividends, net rental income or distributions are received and deposited into the SMSF’s bank account. At the end of each financial year, obligations to report which are agreed to from the start are met by showing in the SMSF’s financial statement’s the SMSF’s financial position – just like a business. Reportable events which occurred during the previous financial year are shown on the operating statement, members statements, the general ledger, investment reports as an example of what is produced.

ATO Compliance

The Australian Taxation Office requires its own compliance too, with among other things the annual return (also known as the tax return), along with other forms required to be completed and at least kept on file and sometimes sent in depending on the nature of the event. While running an SMSF can be daunting and requires regular and complete compliance – we can assure you it does get easier over time and becomes a good vehicle for investing and ultimately increasing benefits available to members upon retirement.

Are you looking for a cheap SMSF audit for your Self Managed Super Fund? Simply SMSF Audits can help. We have a super-fast turnaround time at an industry leading price. Give us a call for further information.