SELF-MANAGED SUPER FUND ADMINISTRATION
As a trustee of a self-managed super fund, you enjoy all the benefits of flexibility that comes with an SMSF. However, you are also responsible, along with your co-trustees, for maintaining a compliant fund. This responsibility cannot be delegated to another person or organisation, although there are services available to help you manage your compliance obligations. The consequences of not meeting your compliance obligations can be serious and can potentially have significant financial consequences for you and the fund.
Administration for a self-managed super fund includes:
- ongoing compliance with relevant laws, annual tax return, accounts and member benefit statements and the annual audit.
- keeping accurate records of all investments, earnings, distributions, pensions and other transactions undertaken by the fund as well as accurate record keeping of correspondence, minutes and development of investment and insurance strategy.
There are two main paths you might consider taking for administration, using either an online administrator or an accountant who provides such services.
- Online administration platforms are usually very cost effective and allow you to access information about your fund easily through an online portal. They will ensure the day to day records are kept up to date as well as arranging for the annual tax and compliance returns, accounts and audit to be completed. With an online solution, you need to be prepared to spend time checking accuracy of the record keeping by the online administrator and responding to their queries and be able to upload and download documents that require your action.
- Full service administration can also be done by your accountant who will handle all of the above requirements for you. This approach will suit trustees who are less comfortable with an online approach or need a more tailored or supportive approach. We would be happy to refer you to Blueprint Accounting who specialise in SMSF administration.
Contact us for more information about SMSF administration.
INVESTMENT PORTFOLIO ADMINISTRATION
Investors with a range of managed funds and direct shares can lead them to deal with a lot of paper work for applications, redemptions, buys and sells and portfolio rebalancing, responding to corporate action requests, dealing with dividends and distributions, preparing information for accountants at the end of the year and sometimes searching constantly for updates on recent performance. There are a range of solutions available for investors to try to ease this process which are applicable for both super and non-super investors.
An example of this would be a wrap account whereby an a single online portal provides access to a range of investments, facilitates the buying and selling process, automating portfolio rebalancing and reinvestments of dividends and distributions according to your predetermined criteria and most importantly, comprehensive end-of-financial year reporting that includes all information your accountant needs for capital gains, dividend, distribution and franking credits. Some wrap accounts also incorporate other features for investors e.g. portfolio insurance, seamless integration between super and pension accounts, etc.
Contact us for more information about Investment Portfolio Administration.
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.