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.