SMSF administration

Self-managed super funds (SMSF) are now the largest and fastest growing segment of the super industry with the number of SMSF’s increasing by 29% in five year period from 2008 to 2013.

Trustees must comply with comply with strict superannuation laws and reporting requirements which includes the completion of annual financial statements, income tax return and audit.  Failing to comply is known as a contravention of the SISA or SISR and will result in some type of compliance action.  Click here for further information on the trustee responsibilities and new ATO penalty regime.

It is therefore important that trustees obtain professional advice and assistance with all aspects of their Self-managed super fund.  Griffin & Associates provides a comprehensive service to ensure that your SMSF satisfies all compliance requirements.  The following is a list of the SMSF services offered at our office.

Establishment of SMSF

• Incorporation of a corporate trustee (if required)
• Discussions with your financial planner regarding the establishment of the deed
• Completion of registrations with the Australian Taxation Office, including:
  • Tax file number registration
  • ABN registration
  • GST registration
  • PAYG withholding registration

If your SMSF enters into a Limited Recourse Borrowing Arrangement (LRBA), our office will discuss any necessary requirements with your solicitor, financial planner and lender.

Compliance requirements of SMSF

• Completion and lodgement of Business Activity Statements
• Preparation of PAYG Payment Summaries
• Completion of Financial Statements
• Preparation of Member Benefits Statements
• Preparation of detailed investment reports
• Completion and lodgement of Income Tax Returns
• Calculation of tax liability or tax refund
• Management of communications and correspondence with the ATO
• Assist with obtaining an actuarial certificate (if required)

Please note that while Griffin & Associates does not complete SMSF audits, we do have contact with several local and national approved auditors.  Our office is able to facilitate the supply of necessary information to the auditor.

Resources

Griffin & Associates has a wide range of resources to ensure your SMSF is property managed and complying with SISA or SISR requirements.  Click here to review important information such as the trustee responsibilities.

We also recommend that all trustees review the ATO publication titled Running a self‑managed super fund (NAT 11032-04.2013).  This ATO guide includes useful information for new and existing trustees and can be found at the following link: ATO guide