SMSF Superfund - Running a Self Managed Super Fund (SMSF)
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Running a SMSF

Running a Self Managed Super Fund SMSF

The responsibility of running a self managed super fund (SMSF) and making and actioning all investment decisions sits firmly on the shoulders of the trustees of the fund. All new trustees should become educated about the compliance requirements for running a SMSF.

 

The experience of running a SMSF can vary greatly depending on the trustees knowledge and willingness to be involved in the required daily & annual compliance activities. Trustees can choose to do everything themselves except the annual audit, as this must be done by an independent auditor that is registered and approved by ASIC, or they can choose to have service providers such as SMSF superfund do nearly all of the work for them. Other trustees will fall somewhere in the middle where they may do some of the work but get assistance and advice when it comes to the more complicated matters such as accounting and tax issues.

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Get Started Crossword

Your SMSF must adhere to certain annual reporting requirements each and every year.

This includes:

 

  • Preparation of an annual Profit & Loss and Balance Sheet Statement
  • Preparation of annual Member Statements
  • Preparation of annual Trustee Resolutions & Minutes
  • Preparation of an annual Income Tax Return
  • Preparation of an annual Audit
  • Lodgement of the annual Income Tax Return

 

The other serious matter in running a SMSF is implementing your investment objectives to ensure they meet the needs of the members. Some people enjoy taking the time and have the skills to make exceptional investment decisions whilst others would prefer to outsource the investment decisions to a professional adviser and take a more passive role. Either way, running a SMSF can provide the ideal structure to an active or passive approach to investing.

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Running your SMSF does require discipline and commitment but knowing when to get professional advice is important. Changing laws and regulations, as well as the complexity of the tax system means it’s often a good idea for SMSF trustees to get regular assistance from SMSF professionals. Our role is to take out the guess work and guide you on the right path to meet your ongoing administration and regulatory obligations. With us taking care of your daily administration and compliance obligations, running a SMSF is not difficult.

 

For more information see the Australian Taxation Office document

“Running a self-managed super fund”