As an SMSF trustee, you know the complexities of managing your own fund – it can be a juggling act to stay on top of regulatory and compliance mandates, maintain accounting obligations, manage your investments and stay abreast of government retirement policies. But there is a solution. A supported SMSF service allows you to retain control over all your decisions, while passing most of the tedious paperwork and complex compliance management onto an expert. You’ll also be up to date on regulatory changes. Let us show you how we can help simplify SMSF compliance while you remain in control.
Four ways we can support you with compliance checks
1. Prepare for government checks
The Australian Taxation Office (ATO) plays a role to ensure SMSF’s play by the rules.
2. Avoid personal penalties
As a trustee, you may be subject to personal penalties if your SMSF breaches compliance.
3. Stay on top of your super balance
Your total super balance can affect your SMSF’s compliance.
As an example, one change introduced by the government in the 2017 super reforms was the “total superannuation balance”. It’s how the ATO values your total super interests and works out your eligibility for carrying forward any unused concessional contributions, non-concessional contributions, government co-contributions and tax offsets for spouse contributions. As an SMSF trustee, your members’ total super balances determine whether you can use the segregated assets method to calculate exempt current pension income (ECPI).
4. Manage your tracking and reporting requirements
You also need to track and report your retirement-phase transfer balance.
SOURCE, All rights reserved to – Dixon Advisory,
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SMSF Audits is about more than just cost effective audits. We provide complying, timely audits and offer support to solve potential problems. Let us be your competitive advantage.