A Self Managed Superannuation Fund is a Superannuation Fund which has up to four members. The most common structure is a two-member fund (usually family members). All members of the Superannuation Fund are responsible for the investment and the administrative functions. All investments of a Self Managed Superannuation Fund must be in the name of both the trustees and the Superannuation Fund. The Trustees usually outsource the annual accounting, compliance, taxation return and audit function to an accountant and independent auditor. Generally you should have at least $250,000 in Superannuation before considering the establishment of your own Self Managed Superannuation Fund.
Foundation Advisory will provide the following services as part of the SMSF Annual Compliance Service:
• Preparation of annual financial statements, including operating statement, statement of financial position, notes to financial statements
• Preparation and lodgement of the Superannuation Fund’s annual income tax return
• Preparation and lodgement of Activity Statements if applicable
• Organise for the external independent Audit of the SMSF
• Preparation of the member benefits statement, which includes member’s tax components
• Preparation of investments reports: including cost base, investment movement, income and year market value reports
• Application for Actuarial Certificate where required in Pension Mode
• Manage communication and correspondence with the Australian Taxation Office
• Transfer Balance Cap (TBAR) Reporting if applicable
• Management of the $1.7m Total Superannuation Limits
