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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.

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    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 and rollovers 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

    • that any changes to your SMSF's details such as the bank account, electronic service addresses, contact details and member details are reported to us

     

    YES/NO

    See also

    Rollover of member benefits into your SMSF

    Steps to complete before you request a rollover of member benefits into your SMSF

    Have you:

     Answer

    • engaged a SMSF messaging provider offering SuperStream rollover services and obtained their electronic service address?

     

    YES/NO

    • obtained an Australian business number for your SMSF?

     

    YES/NO

    • recorded your SMSF's unique bank account for superannuation payment with us?

     

    YES/NO

    • ensured up-to-date details for your SMSF and the member are recorded with us?

     

    YES/NO

    • ensured the details you provide to your transferring fund exactly match those held by us?

     

    YES/NO

    • ensured the details held with the transferring and receiving funds match?

     

    YES/NO

    • ensured your fund is a 'complying' or 'registered' fund on Super Fund Lookup

     

    YES/NO

    • contacted your FROM fund to confirm they have all the required documentation to verify your identity and the payment destination?

     

    YES/NO

    See also

    Rollover of member benefits out of your SMSF

    Steps to complete before you request a rollover of member benefits out of your SMSF

    Have you:

     Answer

    • engaged a SMSF messaging provider offering SuperStream rollover services and obtained their electronic service address?

     

    YES/NO

    • use the SMSFmemberTICK system to validate the member's TFN?

     

    YES/NO

    • use the SMSF Verification Service to verify fund and member details when rolling to another SMSF?

     

    YES/NO

    • obtain an Australian business number for your SMSF?

     

    YES/NO

    • use the Fund Validation Service to obtain the receiving fund's details when rolling to an APRA regulated fund?

     

    YES/NO

    • ensure the details held with the transferring and receiving funds match?

     

    YES/NO

    • ensure you have liquified assets to enable payment of the rollovers?

     

    YES/NO

    • contact your financial institution to confirm your transfer limit is sufficient to enable payment of the rollover?

     

    YES/NO

    • send the electronic rollover message via SuperStream no later than three business days after receiving all the information required to process the request?

     

    YES/NO

    • make a single rollover payment to the receiving fund at the same time as the SuperStream message?

     

    YES/NO

    • ensure the payment reference number on your rollover payment matches exactly with that on your SuperStream message?

     

    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 undertake 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 using SuperStream (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

    • rolled any remaining refund resulting from the final SMSF annual return to a complying fund via SuperStream? (You must ensure you make the rollover via SuperStream immediately after receiving the refund. Failure to do so may result in downstream impacts).

    YES/NO

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

     

    YES/NO

    See also

      Last modified: 21 Dec 2021QC 42297