Reporting and Administration

Reporting and Administration

SMSF annual return and audit report

All SMSFs need to lodge an SMSF annual return to ATO each year which must report income tax, super regulatory information and report member contributions. All SMSF have to pay the ATO supervisory levy when lodging income tax return.

All SMSFs are required to have the financial accounts and statements audited each year by an approved auditor. You can’t lodge the SMSF annual return until after the audit of your SMSF has been finalised, as information from the audit report is required to complete the regulatory information in the return.

Rollover benefits statement

When rolling over benefits and current year contributions, the trustee needs to complete a Rollover benefits statement (NAT 70944).

Trustee declaration

If you are a new trustee (or new directors of corporate trustees) appointed from 1 July 2007, you need to complete and sign the trustee declaration within 21 days of becoming a trustee, or a director of the corporate trustee.

If you are an existing trustee (appointed before 1 July 2007), you need to ensure that new trustees complete the declaration.

Record-keeping requirements

You need to keep the following records for a minimum of 10 years:

  • minutes of trustee meetings and decisions (where matters affecting your fund were discussed)

  • records of all changes of trustees

  • trustee declarations recognising the obligations and responsibilities for any trustee, or director of a corporate trustee, appointed after 30 June 2007

  • members’ written consent to be appointed as trustees

  • copies of all reports given to members.