• Video transcript – Annual obligations

    As a self-managed super fund trustee, you have important obligations to complete before you can lodge your fund's annual return.

    You should allow plenty of time to meet these obligations, because if lodgment is late, financial penalties will be imposed on your fund. So what are these obligations?

    Determine the market value of assets at 30 June. There are 'Valuation Guidelines' on the ATO website.

    You may need an actuarial certificate if, for example, a fund member has retired and is receiving payments from the fund.

    Most accountants need several weeks to prepare your fund's accounts. This must be done before the fund's annual audit, so contact your accountant as early as possible.

    You need to appoint your auditor at least 45 days before the fund’s annual return is due to be lodged. Self-managed super fund auditors can be very busy as well, so don’t wait till the last minute to appoint one. Make sure your auditor is registered with the Australian Securities & Investments Commission by checking the ASIC website.

    Lodgment due dates start from 31 October - so check your fund's due date on the ATO website or ask your tax agent or accountant.

    You also need to review your investment strategy regularly, so why not do it around this time as well.

    It’s a good idea to keep on top of record keeping and administration tasks during the year. If you do this, you will find it much easier to meet your annual obligations.

    For more information, check out our other self-managed super fund videos or visit the ATO website at ato.gov.au

      Last modified: 12 Nov 2015QC 39855