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  • SMSF checklists

    Running an SMSF takes time and effort. There is a lot to do and keep track of at every stage of your fund. Use these checklists to help you manage your fund and meet your SMSF obligations.

    On this page:

    Setting up

    Setting up an SMSF

    Have you:

     Answer

    • considered appointing professionals to help you set up your SMSF?

     

    YES/NO

    • chosen individual trustees or a corporate trustee?

     

    YES/NO

    • appointed your trustees or directors?

     

    YES/NO

    • created the trust and trust deed?

     

    YES/NO

    • checked your fund is an Australian super fund? 

     

    YES/NO

    • registered your fund?

     

    YES/NO

    • set up a bank account?

     

    YES/NO

    • got an electronic service address?

     

    YES/NO

    • prepared an exit strategy?

     

    YES/NO

    See also:

    Investment strategy

    Investment strategy for SMSF

    Have you:

     Answer

    • prepared an investment strategy?

     

    YES/NO

    • considered all circumstances of the fund, including risk, diversity, liquidity and member’s circumstances?

     

    YES/NO

    • considered insurance for members?

     

    YES/NO

    • confirmed all fund investments comply with the super laws and are allowed under the trust deed?

     

    YES/NO

    • made provision to regularly review the investment strategy?

     

    YES/NO

    • documented any decision about the investment strategy?

     

    YES/NO

    See also:

    Trustee reporting obligations

    Reporting obligations for SMSF trustees

    Have you:

     Answer

    • valued the funds’ assets at their market value at 30 June?

     

    YES/NO

    • paid any minimum annual income stream payments required under super laws?

     

    YES/NO

    • obtained an actuarial certificate if required?

     

    YES/NO

    • prepared the fund’s end of year financial accounts and statements?

     

    YES/NO

    • appointed an approved SMSF auditor not more than 45 days before the SMSF annual return is due?

     

    YES/NO

    • lodged your SMSF annual return by the due date?

     

    YES/NO

    • lodged your transfer balance account reports if required?

     

    YES/NO

    • reviewed the fund’s investment strategy and documented the review?

     

    YES/NO

    • maintained all fund records as required under super laws?

     

    YES/NO

    See also:

    SMSF compliance

    Ongoing SMSF compliance obligations

    Have you ensured:

     Answer

    • the fund has an investment strategy that is regularly reviewed?

     

    YES/NO

    • all fund money and assets are held separately from money and assets held by trustees or directors personally or by a related employer?

     

    YES/NO

    • all fund investments comply with the super laws?

     

    YES/NO

    • all contributions received by the fund are allowed under the super laws?

     

    YES/NO

    • all benefit payments made by the fund have been made in accordance with the super laws?

     

    YES/NO

    • the proper and accurate records have been maintained for required timeframes?

     

    YES/NO

    See also:

    Starting to pay an income stream

    Steps to consider when starting to pay an income stream

    Have you:

     Answer

    • considered getting advice from an SMSF professional?

     

    YES/NO

    • checked your SMSF trust deed allows the payment of the income stream?

     

    YES/NO

    • confirmed the member has met a condition of release?

     

    YES/NO

    • obtained an actuarial certificate if required?

     

    YES/NO

    • valued the assets that support the income stream at market value?

     

    YES/NO

    • determined the minimum annual payment required under super law (and the maximum annual amount for a transition to retirement income stream)?

     

    YES/NO

    • registered for PAYG withholding if required?

     

    YES/NO

    • determined your event-based reporting timeframe if required?

     

    YES/NO

    See also:

    Winding up

    Steps to consider when winding up an SMSF

    Have you:

     Answer

    • checked the trust deed for information on winding up the fund?

     

    YES/NO

    • paid out or rolled over all your super benefits (leaving a sufficient amount to pay final tax or expenses if required)?

     

    YES/NO

    • appointed an approved SMSF auditor to complete the final audit?

     

    YES/NO

    • completed and lodged the final SMSF annual return (including wind up details)?

     

    YES/NO

    • lodged your transfer balance account report if required?

    YES/NO

    • paid any outstanding tax?

     

    YES/NO

    • closed the fund’s bank account after the ATO confirms the fund’s ABN is cancelled?

     

    YES/NO

    See also:

      Last modified: 01 Mar 2018QC 42297