Establishing a self-managed super fund (SMSF) involves several steps — from legal setup to regulatory compliance. At SMSF Financial, we support SMSF trustees by coordinating with experienced service providers to help ensure each step is completed in accordance with current legislation.
This article is based on the ATO’s guide to running an SMSF and outlines where general guidance and administrative support may be required.
Getting Started: When establishing an SMSF, there are several actions trustees must take, such as:
- Preparing a trust deed
- Opening a bank account
- Registering the fund with the ATO
- Creating an investment strategy
- Considering retirement planning and eventual wind-up
SMSF Financial provides support to help trustees complete these setup requirements efficiently and in line with current regulations.
Ongoing Documentation & Recordkeeping: Once the fund is established, SMSF trustees are responsible for a range of ongoing tasks, including:
- Arranging rollovers of existing superannuation
- Monitoring contributions within allowable limits
- Making investment decisions in line with SMSF rules
- Maintaining accurate and up-to-date records
- Reviewing the investment strategy regularly
SMSF Financial provides general support, documentation, and administrative services to assist trustees with these ongoing responsibilities.
Annual Obligations: Each financial year, SMSF trustees must:
- Value the fund’s assets
- Prepare financial statements and reports
- Engage an independent auditor
- Lodge the SMSF’s annual return
- Pay the SMSF levy and any tax owing
Our team assists with preparing the required documentation and managing annual compliance obligations to help keep your fund on track.
Paying Benefits: When your SMSF begins making retirement benefit payments (such as pensions or lump sums), trustees may need to:
- Check that minimum payment requirements are met
- Arrange actuarial certificates (if applicable)
- Withhold and report any required tax
- Provide payment summaries to members and the ATO
SMSF Financial supports trustees with the reporting and documentation required when benefits commence.
Closing the Fund: When winding up an SMSF, trustees must ensure:
- Completion of a final audit
- Lodgement of the final tax return
- Payment of any outstanding tax
- Distribution or rollover of remaining assets
We assist trustees with the full wind-up process, including preparing and submitting all required documentation.
