SMSF Administration – Compliance Function

We undertake to assist SMSF Trustees discharge all their compliance obligations as required by the Acts. Here, the Acts mean the Superannuation Industry (Supervision) Act (“SIS Act”), the Income Tax Assessment Act (“Tax Act”), and the Corporations Act (“Corps Act”).

Broadly, the SIS Act relates to the prudential operating standards for superannuation funds, the Tax Act relates to the taxation and reporting obligations, while the Corps Act relates mainly to member disclosure requirements of superannuation funds.

We undertake to assist SMSF Trustees ensure that all their SIS Act obligations are satisfied, including:

  • Persons who may contribute to the Fund;
  • The amount of contributions that a Fund may accept;
  • The circumstances in which a Fund may accept contributions;
  • The form in which benefits may be provided;
  • The preservation, payment and portability of benefits;
  • The level of benefits provided by the Fund;
  • The types of investments held by the Fund;
  • The disclosure of information to the Regulator;
  • The financial position of the Fund;
  • The solvency of the Fund;
  • The trustee/membership mix of the Fund;
  • The yearly audit of the Fund; and,
  • Retain and assist with recording of trustee minutes.

We undertake to assist SMSF Trustees meet their Tax Act obligations, including:

  • Prepare and Lodge Regulatory Returns;
  • Prepare and Lodge quarterly/yearly BAS or IAS;
  • Coordinate payment of all relevant taxes;
  • Issue PAYG Payment Summaries;
  • Maintain a capital gains tax register; and
  • Maintain member benefit taxation components.

We assist Trustees ensure that the following Corps Act reporting obligations are satisfied:

  • Issue yearly member statements;
  • Issue regular financial reports; and,
  • Issue, where necessary, prescribed documents and periodic statements.