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SMSF Compliance Checklists

Setting up an SMSF

  • Consider appointing professionals to help you set up your SMSF?
  • Choose individual trustees or a corporate trustee? Appoint trustees or directors?
  • Create the trust and trust deed?
  • Check your fund is an Australian super fund? Register your fund?
  • Set up a bank account?
  • Get an electronic service address?

Investment strategy for SMSF

  • Prepare an investment strategy?
  • Consider all circumstances of the fund, including risk, diversity, liquidity and member’s insurance?
  • Confirm all fund investments comply with the super laws and are allowed under the trust deed?
  • Make provision to regularly review the investment strategy?

Reporting obligations for SMSF trustees

  • Value the funds’ assets at their market value at 30 June?
  • Pay any minimum annual income stream payments required undersuper laws?
  • Obtain an actuarial certificate if required?
  • Prepare the fund’s end of year financial accounts and statements?
  • Appoint an approved SMSF auditor not more than 45 days before the SMSF annual return is due?
  • Lodge your SMSF annual return by the due date?
  • Lodge your transfer balance account reports if required?

Ongoing SMSF compliance obligations

  • All fund money and assets are held separately from money and assets held by trustees or directors personally?
  • All fund investments comply with the super laws?
  • All contributions and rollovers received by the fund are allowed under the super laws?
  • All benefit payments made by the fund have been made in accordance with the super laws?
  • The proper and accurate records have been maintained for required timeframes?
  • Any changes to your SMSF's details such as the bank account, electronic service addresses, contact details
    and member details are reported to us

Rollover of member benefits Out/ or Into your SMSF

  • Engage a SMSF messaging provider offering SuperStream rollover services and obtained electronic service address?
  • Ensure your fund is a 'complying' or 'registered' fund
  • Record your SMSF's unique bank account, up-to-date details etc.
  • Obtain details of your transferring/or receiving fund match?
  • Ensure your transfer limit is sufficient to enable payment of the rollover

Starting to pay an income stream

  • Consider getting advice from an SMSF professional?
  • Check your SMSF trust deed allows the income stream payments?
  • Confirm the member has met a condition of release?
  • Value the assets that support the income stream at market value?
  • Determine the minimum annual payment required under super law (and the maximum annual amount for a transition to retirement income stream)?
  • Register for PAYG withholding if required?
  • Determine your event-based reporting timeframe if required?

Winding up an SMSF

  • Check the trust deed for information on winding up the fund?
  • Complete and lodged the final SMSF annual return (including wind up details)?
  • Paid any outstanding tax?
  • Lodge your transfer balance account report if required?

BUSINESS TAX RETURN CHECKLIST 2023

SOURCE DOCUMENTS

♦ ALL Bank Statements for ALL Bank Accounts / Loan Accounts / Term Deposits 1 July 2022 to 30 June 2023

♦ Asset Purchase or Sales – please supply a copy of the tax invoices

♦ Hire Purchase / Chattel Mortgage / Lease Agreements for all new assets purchased during the financial year

♦ Credit Card Statements that contain business transactions for 1 July 2022 to 30 June 2023

♦ Trade Debtors as at 30 June 2023

♦ Trade Creditors as at 30 June 2023 including a breakdown by expense category

♦ Closing Stock figure as at 30/06/2023

♦ Log book for business vehicle use

♦ Bank account details for transfer of tax refunds due

INCOME & EXPENSES

Tips for 2023 FY   Small business technology investment boost & Small business skills and training boost. You will be able to deduct an additional 20% of expenditure.

♦ Dividend & Interest statements

♦ Trust distribution statements and Annual Tax Statements

♦ Capital Gains Tax buy and sell documentation for shares, property, trusts, etc.

♦ Rental Property - Agent/Client Summary for the year, all income and expense details. Include date purchased for new capital items.

♦ Insurance Schedules

♦ WorkCover Reconciliation

♦ A summary of all expenses paid by cash from your own private funds totalled by description.

♦ Business use % of

   o Telephone

   o Electricity

   o Gas

Primary Production

♦Livestock Numbers:

   o Sales

   o Purchases

   o Deaths

   o Rations

   o Natural Increase

   o Closing Stock

INDIVIDUAL TAX RETURN CHECKLIST 2023

Income

□ PAYG Summaries (Group Certificates) - you may receive these via your MyGov account

□ ETP Statements

□ Overseas Pension in AUD

□ Interest & dividends received

□ Partnership / Trust distribution records – taxation statement or tax return for private trusts

□ Business Income / Earnings

□ Rental Property:

   o Agent / Client Summary of Income and Expenses (totals only)

   o Bank Loan Statements / Interest Paid

   o Details of property expenses include:

      ∙ Rates & Taxes & ESL

      ∙ Insurance

      ∙ Repairs & Maintenance

      ∙ Strata Fees

      ∙ New items purchased > $300 and date purchased.

□ Capital Gains Tax

   o Purchase and Sale documents for any of the following items sold:

      ∙ shares

      ∙ property

      ∙ art

      ∙ jewellery

□ Annuity / Pension Income from a Superfund

□ Foreign income receipts

□ Other income received? Please provide extra details.

Deductions

□ Motor vehicle deduction

   o Number of kilometers travelled for work

   o Original cost of car and date purchased

   o Details of all car expenses including fuel, registration, insurance, repairs / servicing, RAA

   o Log book

   o Hire Purchase / Chattel Mortgage Agreements

□ Travel expenses - Interstate / Overseas

   o Receipts

□ Travel Diary / Travel Allowance

   o If in receipt of a travel allowance; how many days spent away from home and where?

□ Insurance for work related items

□ Hire Purchase (Chattel Mortgage Agreements) for equipment

□ Work related assets purchased or sold – dates and amounts

□ Home office – estimate of number of hours worked per week

□ Receipts for any item bought related to work

□ Uniforms or protective clothing

□ Self education expenses

□ Personal Superannuation contributions (Notice of deductibility)

□ Donations

□ Interest and dividend related expenses

□ Ceased full time education / changed residency status

Other Information

□ Did you work in a remote area or overseas?

□ Last Home Loan Statement

□ Income Protection Insurance

□ Bank account details for transfer of any tax refunds due