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SMSFs

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SMSF ADMINISTRATION & COMPLIANCE

Tax Doctor provide all administrative services required for Self Managed Superannuation Fund (SMSF) to ensure the fund remains compliant with the rules as prescribed under the SIS Act, SIS regulations and Australian Taxation Office guidelines.

Our service offering includes preparation and provision of:

  • Financial Statements and Returns: This includes the preparation of Annual Accounts, Member’s Statements, Income Tax and Regulatory Returns.
  • Annual Superannuation Documentation: This includes a Tax Payment Schedule for the current and future income tax year, Trustee Minutes, Death Benefit Nominations and other documents required to complete the SMSF for the relevant year.
  • Member Contribution Statements.
  • Member Contribution and Withdrawal documentation.
  • Annual Pension and PAYG Withholding calculations: This includes calculations based on the relevant pension taken; the tax payable on the pension; preparation of the member’s PAYG Payment Summary and the Annual PAYG Payment Summary Statement.
  • Business/Instalment Activity Statements and Annual GST Returns.

We also provide assistance with the establishment of a SMSF including preparation and lodgement of the relevant forms to obtain:

  • A Trust Deed for the Superannuation Fund (prepared by Battalion Legal).
  • The Australian Business Number, Tax File Number and Complying Fund status (issued by the Australian Taxation Office).

Trust Deed upgrades:

  • Preparation and lodgement of the relevant forms to obtain an amended Trust Deed from Batallion Legal. It is vital that a SMSF keeps its Trust Deed up to date so that the SMSF does not miss out on opportunities created by changes to the SIS legislation.

Corporate Trustee appointments including preparation and lodgement of the relevant forms to obtain:

  • Corporate Trustee (obtained from Trustdeed).
  • Deed of Variation (prepared by Batallion Legal)

SMSF AUDIT

Part of the process of managing a Self Managed Super Fund (SMSF) is completing a legally required annual Audit. Tax Doctor is a firm with a high level of expertise and reliability when it comes to auditing Self Managed Super Funds.

As an ASIC approved SMSF Auditor, it is our role to carry out the financial and compliance audit of your fund’s operation. We audit funds in accordance with Superannuation legislation, as well as regulations and various codes of practice, ensuring legal and accurate auditing. Our audit provides an opinion on the status of the fund, including a professional assessment of its compliance, allowing your fund to maintain viability.

 

As an approved Auditor, Tax Doctor provides:

  • Auditing services for SMSF’s including both a financial and compliance Audit.
  • An Annual Audit Report, in the approved form, to the Trustees of SMSF.
  • A management letter to the Trustees advising of any areas of concern regarding the SMSF’s financial position and compliance with relevant Superannuation legislation.
  • If required through the ATO Professional-to-Professional service we can contact the ATO on a confidential basis on your behalf and discuss any areas of concern.

For a highly detailed and professional auditing of your Self Managed Super Fund, give us a call today on 1300 791 109 to discuss your requirements or email us o info@taxdoc.com.au

Always have a written investment strategy for your fund that is atleast reviewed on an annual basis.  It is one of the most common mistakes. SMSFs investment strategy should be quite specific and while ranges of asset allocations may be acceptable, but 0 to 100% cash or 0 to 100% Australian shares is not appropriate.  Be specific and make sure the strategy is suitable to all members of the fund including younger spouses or adult children who’s investment goals may be different from those of retiree’s.

Don’t mix SMSF and your personal assets. Under the sole purpose test, superannuation is to save for retirement. If you receive a personal benefit prior to attaining a condition of release, then there may well be a serious compliance breach. There could be both financial and criminal repercussions, so tread carefully.