SMSF checklists

ATO releases new checklists for SMSF management

The ATO has released a range of checklists designed to help SMSF trustees manage the different stages of their funds.

The new ATO checklist provides guidance covering SMSF management requirements and obligations for trustees.

Running an SMSF takes time and effort.

There is much to do to keep track of a fund at every stage. Use each SMSF checklist to help you manage your fund and meet your SMSF obligations.

The ATO provides detailed checklists for setting up an SMSF. It also focuses on trustees' reporting obligations such as valuing fund assets at market value at 30 June, ensuring the fund has paid any minimum annual income stream payments required under super laws.

The ATO also outlines ongoing SMSF compliance obligations around investing, contributions and rollovers, paying benefits and record-keeping requirements.

Related reading: Have you reviewed your SMSF investment strategy?

Trustees must also ensure all benefit payments made by the fund are in accordance with super laws and that the proper accurate records have been maintained for required time frames.

The checklist guidance provides updated information on SMSF rollovers to align with the new SuperStream requirements.

Funds must make sure to engage an SMSF messaging provider offering SuperStream rollover services and obtain their electronic service address.

The checklist guidance outlines additional steps to consider when starting to pay an income stream, along with considerations when winding up a fund. 

The checklist can be accessed here »

SMSFs are not for everyone. Flor-Hanly often uses SMSFs as part of a business owner’s holistic planning. They are used to tax effectively accumulate wealth to provide for retirement.

Read more or call our Accountants in Mackay on 07 4963 4800.

Source: ATO