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Ballarat Financial Planners: SMSF Obligations

At Sky Accountants Ballarat & Financial Planners Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

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One of the many responsibilities of an SMSF trustee is making sure all tax and compliance documentation are properly recorded and kept. Improper record keeping may lead to major issues for trustees. 

Good record keeping ensures the trustee has acted in accordance with the SIS Act. It helps maintains SMSF compliance. It can also help trustees manage the fund more efficiently and make the auditor’s job easier, effectively lowering audit costs. It is important that all tax and compliance documentation is available to the funds approved auditor and available to the ATO upon request. The ATO allows trustees to file fund documentation electronically, enabling trustees to save time – but all source documents must be accessible and easy to find at all times.

Records must be kept for at least five years. These records explain each transaction of the super fund, show the annual operating statements of the fund’s financial position and include all annual returns lodged for the fund. Some records must be kept for at least 10 years, including minutes of trustee decisions and meetings, any records pertaining to fund changes, trustee declaration and the members consent to act, copies of records given to trustees, documentation of any deductions, contributions, capital gains and losses and documents related to collectables and personal use assets. If these are not readily available, you can face penalties from the ATO.

At Sky Accountants Ballarat & Financial Planners Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

Ballarat Financial Planners

An SMSF has several annual obligations that trustees need to make sure they adhere to to avoid fines and penalties. The ATO is strict on trustees and even contacts new trustees to ask them about their responsibilities. The ATO does this before they issue an ABN and register the fund as a regulated super fund that entitles it to receive contributions and rollovers.

An SMSF is required to do the following yearly: it has to make sure that if the fund is in pension mode, the required minimum pension payments have been made before 30 June so the fund maintains its tax exempt statues. It also has to make sure the assets are valued at market value. If the fund has members in accumulation and pension mode, an actuary certificate must be obtained to confirm the funds tax exempt percentage.

The funds yearend financial statements and annual return must be prepared. An approved auditor must be appointed no later than 45 days before the SMSF annual return lodgment is due. The SMSF annual return must be lodged by the due date and the funds investment strategy and documents must be reviewed appropriately. All fund records must be maintained according to super laws and the ATO must be notified of any change in trustee structure, addresses, members or fund status.

A trustee’s obligations should not be taken lightly. They may delegate some of these duties to financial planners who are experts in the area to make sure the SMSF remains compliant.

Ballarat Financial Planners

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

PS. Here are two other ways we help business owners grow their business:

1. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)

2. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here

 

Email Address: info@skyacc.com.au

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