While the term “self-managed” suggests you can run an SMSF independently, in reality, it requires significant time, effort, and expertise. Managing an SMSF involves tasks such as:
- Researching various investments
- Creating and reviewing an investment strategy
- Keeping up with superannuation and tax law changes and meeting compliance requirements
- Managing accounting duties and arranging an annual audit by an approved SMSF auditor
Due to these complexities, many choose to engage SMSF specialists to help make informed decisions.
Your SMSF can have either an individual trustee structure (up to six individual trustees) or a corporate trustee structure. Regardless of the structure, trustees are ultimately responsible for meeting all compliance obligations associated with the fund.
SMSF administration is a detailed and demanding process. All SMSF members are trustees and are jointly responsible for decisions regarding investments, contributions, and withdrawals. It’s crucial they remain aware of how their fund complies with current superannuation and tax laws.
Choosing a SMSF Administration Firm
Investment decision-making lies with the SMSF trustees, who must ensure compliance with evolving superannuation legislation. This responsibility can be challenging and time-consuming.
Our SMSF Administration Services are designed to relieve you of the day-to-day administrative burden, allowing you to focus on the core investment decisions. Our services include:
- SMSF establishment and wind-up
- Annual financial statement preparation
- Preparation and lodgement of the annual return
- Ongoing compliance documentation and procedural support
- PAYG payment summaries (if applicable)
- Business and instalment activity statements (BAS/IAS)
- Retirement pension calculations and annual reviews
- Administration of benefit payments
- Coordination of the annual audit process
SMSF’s are regulated by the Australian Tax Office (ATO) who impose strict compliance rules. To meet these obligations, you’ll need an SMSF accountant to prepare financial statements and lodge tax returns, and an independent SMSF auditor to conduct the required annual audit.
Managing SMSFs Responsibly
With greater control comes greater responsibility. Key risks and obligations include:
- The SMSF’s sole purpose must be to provide retirement benefits to its members.
- Trustees remain liable for outcomes regardless of their financial knowledge or literacy.
- Administrative responsibilities continue even if personal circumstances change.
- You may lose default insurance cover held within a retail or industry fund when transferring to an SMSF. It’s essential to secure equivalent insurance before making the switch.
While the appeal of control is strong, SMSF compliance and investment strategy design can be overwhelming. This is where professional support becomes invaluable. Our services can guide trustees through the technical, legal, and strategic aspects of managing a compliant and effective SMSF.