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Running a SMSF

Running a SMSF takes time, commitment and expertise to manage appropriately, administer the regulatory and compliance obligations, manage the investments and stay up to date with the government retirement policies. 

You do not want your savings, tax advantages and retirement to be compromised by a non-compliant fund structure or flawed investment strategy.

It is important to be working with a SMSF Specialist Advisor & Accountant so you can be assured and confident of your Funds’ compliance and be supported in managing your SMSF to help you optimise your retirement savings and meet the goals and objectives of your SMSF.

Need a helping hand to manage your SMSF?

Baggetta & Co would like to offer SMSF trustees a FREE
no-obligation consultation to assess if our services can help you!

Regulatory & Compliance Obligations of a SMSF

Some of the regulatory and compliance obligations of a SMSF, and its’ Trustees, may include:

  • Keeping all relevant and transactional records of the fund

  • Preparation of annual financial statements, including operating statement, statement of financial position and notes to the financial statements

  • Prepare and lodge your funds’ annual income tax return, calculate and advise of tax liability or tax refund due

  • Preparation of Trustee meeting minutes and actuarial certificates

  • Implement advanced financial strategies including salary sacrifices and account-based pension payments, where relevant and as required

  • Arrange the audit of the SMSF by an approved external auditor to eliminate any possible conflict of interest

  • Preparation of member benefits statements, which contains member tax components

  • Provide detailed investment reports, such as investments income report, investment movement report, and year-end market valuation report

  • Manage communications and correspondence with the Australian Taxation Office

  • Manage communications and correspondence with ASIC, as required

  • Technical advice and support to Members of the fund

  • Re-assess and refine the funds’ investment strategy as needed

  • Maintain the Trust and update when necessary

  • Avoid costly mistakes that could render the fund non-compliant and incur debilitating Australian Taxation Office fines and penalties.

Should Trustees seek advice?

As a Trustee of a SMSF you have accepted responsibility to look after other Members’ money and life savings, and they are relying on you not to stuff it up. 

Many SMSFs are being set up between spouses, relatives, friends, children, business partners and siblings.  It is commonplace for there to be fall outs and split ups between these parties which can be very divisive and difficult to navigate. 

Working with a SMSF Specialist Advisor will help you consider all matters relevant to you and the Members’ circumstances, manage your responsibilities, meet the SMSF’s compliance obligations and provide you with the appropriate advice as and when needed.  Doing it all yourself is not always best.

The types of advice many Trustees may seek from a SMSF Specialist Advisor include creating the most appropriate investment strategy, ensure a diversified portfolio of investments, tax advice, compliance services and estate planning.

A critical time for SMSF Trustees to seek advice is when the SMSF, or its’ members, move from the accumulation phase to pension phase.  Advice is very important at this stage to ensure the fund generates sustainable income and maximises tax benefits, whilst not compromising the capital growth opportunities of the fund.

If you are currently managing your own SMSF and are concerned about your fund, or if would like further information about our services, contact us.

Free Consultation?

For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation contact us today.

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