SMSF Administration

Many Australians are attracted to self-managed super funds (SMSFs) because they want to take charge of their retirement savings. SMSFs also provide flexible investment options. However, it is important to understand that running a DIY super fund requires much more than just selecting which stocks to buy and sell or which interest rate to lock in on your term deposit.

When you start your own fund, you also take on all the legal and administrative responsibilities of that fund, and these can be complex and time consuming. But don’t let that turn you off. Some people enjoy getting their hands dirty in all the paperwork, while others find it much more enjoyable to give it to someone else to do, and with an SMSF, either of these options are available to you.

If you decide to do your own administrative work, some of the tasks you will need to complete include:

  • Lodging your annual return to the ATO;
  • Valuing your SMSF’s assets at market value;
  • Withholding tax (if applicable)
  • Updating records and notifying the ATO;
  • Keeping accurate records, such as:
    • Accounting records
    • Copies of statements
    • Minutes of meetings
    • Trustee declarations

There are also many professional SMSF administrators that can take care of all your paperwork and handle your financial accounts for you. They can normally help you prepare your fund’s trust deed as well.

You can search a list of SMSF administrators in the Service Providers directory on our website. Or find out more information about managing your own investments and administrative responsibilities with a no obligation 21-day free trial of the Switzer Super Report, a newsletter and website dedicated to providing expert investment advice, education and information for SMSF trustees.

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Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Anyone should, before acting, consider the appropriateness of the information in regards to their objectives, financial situation and needs and, if necessary, seek professional advice.