All of our self managed super fund administration is completed in Australia.  As previous winners of the Australian SMSF Best Practice Awards our SMSF administration service is of an exceptional standard and great value with many additional benefits when compared to many of our competitors. Our SMSF administration team includes experienced SMSF Association accredited Specialist Advisors ^TM and accredited SMSF Auditors ^TM, we also have inhouse financial advisors, chartered accountants and taxation specialists at hand to handle any challenges. 

Self-Managed Super Fund (SMSF) compliance refers to the rules and regulations set forth by the Australian government that SMSFs must adhere to in order to remain legally operational and to maintain their tax benefits. These are outlined primarily in the Superannuation Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations 1994 (SISR), along with guidance and requirements from the Australian Taxation Office (ATO).

Key Areas of SMSF Compliance:

1. Registration & Reporting: After setting up an SMSF, it must be registered with the ATO. Annual tax returns and audits are mandatory, and annual financial accounts and statements must be prepared.
2. Trustee Responsibilities: All trustees must understand and fulfill their legal obligations, including creating and implementing an investment strategy, making investment decisions, and managing the SMSF’s operations.
3. Investment Strategy: The fund must have a well-documented investment strategy that takes into account the retirement goals of all fund members, as well as outlines the types of investments the SMSF will make.
4. Member Contributions: There are rules surrounding who can contribute to an SMSF and how much can be contributed annually.
5. Payout Rules: There are minimum annual amounts that must be withdrawn from the SMSF once a member reaches the “preservation age” and starts drawing a pension.
6. Prohibited Investments: SMSFs are prohibited from some types of investments, and a breach could lead to hefty penalties and loss of tax concessions. For example, SMSFs generally can’t lend money to members or relatives of members.
7. In-House Assets: The value of ‘in-house assets’ must not exceed 5% of the total fund value. In-house assets refer to loans to, leases with, and investments in related parties of the fund.
8. Arm’s Length Transactions: All investments and transactions should occur at market rates and follow commercial principles.
9. Sole Purpose Test: The SMSF must be maintained for the sole purpose of providing retirement benefits to the members, or to their dependants if a member dies before retirement.
10. Documentation and Record-keeping: Trustees are required to maintain accurate and up-to-date financial records, minutes of meetings, and other documentation that validates decisions and transactions. Records are generally to be kept for a minimum of five to ten years.
11. Regular Audits: The financials and compliance of an SMSF must be audited annually by an approved SMSF auditor.

Failure to comply with these regulations can result in disqualification of the trustees, civil or criminal charges, and the fund losing its tax concessions. Therefore, it’s essential to keep up-to-date with the compliance requirements and seek professional advice when needed.