• 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.

    See also:

    Investment strategy

    Have you:

     

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

    YES/NO

    • considered insurance for members?
     

    YES/NO

    • prepared an investment strategy?
     

    YES/NO

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

    YES/NO

    • regularly reviewed the investment strategy?
     

    YES/NO

    • documented any decision about the investment strategy?
     

    YES/NO

    See also:

    Annual obligations

    Have you:

     

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

    YES/NO

    • valued the funds’ assets at 30 June?
     

    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 at least 45 days before the SMSF annual return is due?
     

    YES/NO

    • lodged your SMSF annual return by the due date?
     

    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

    Have you ensured:

     

    • 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 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

    Have you:

     

    • 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

    See also:

    Winding up an SMSF

    Have you:

     

    • checked whether the trust deed has any information about 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

    • 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: 14 Oct 2016QC 42297