Administering and reporting for a SMSF
As a trustee of a SMSF you have a number of administrative obligations such as you will need to arrange an annual audit of your fund, keep appropriate records and lodge an annual report with the ATO. We can assist you with the Audit and the annual report (the tax return) and can guide you on the records you need to keep.
Appointing an Auditor:-
As a trustee of an SMSF you must appoint an approved, independent auditor to audit your fund each year, at least 45 days before you need to lodge your SMSF annual return. The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law.
You need to value the assets of the fund at their market value for the purpose of preparing your fund’s accounts, statements and the SMSF annual return.
You need to lodge an annual return once the audit of your SMSF has been finalised. The SMSF annual return is used to report income tax, regulatory information and member contributions, and to pay the supervisory levy.
One of your responsibilities as a trustee is to ensure proper and accurate tax and super records are kept. Taking minutes of investment decisions may insure against trustees taking action against you for failed investments. Records must also be made available to your fund’s approved auditor and to us, if requested.
We can help you understand your duties and responsibilities as a trustee and make it as easy as possible for you to comply. Give us a call for more information.
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