There are number of regulations that you need to comply with when you set up a SMSF. For example, there are prohibitions and restrictions around investing in a related party and in collectibles. SMSFs are not allowed to lend money to members or relatives of members. Under the sole purpose test, the SMSF must broadly be maintained for the sole purpose of providing retirement benefits. Lastly, money and assets in super cannot be released as benefits until a legal condition of release is met (eg, attaining age 65). The obligations of SMSF trustees are discussed in greater detail in the ATO’s trustee declaration, which all new SMSF trustees must sign and keep. You can read more on the ATO website.
When you set up an SMSF account, you need to prepare or arrange the following documentation to keep compliant:
- An annual balance sheet
- An annual profit and loss statement
- Annual member statements
- Annual trustee resolutions and minutes
- Annual income tax returns
- An annual audit
- An initial investment strategy
- An annual investment strategy review.
How Selfmade does it
Preparing and lodging all your required documentation can be time consuming and overwhelming. At Selfmade, we’ll help you comply with all regulatory obligations associated with managing your own SMSF.