SMSF Compliance

Every year, self managed super funds must produce an audited set of financial accounts and provide a report to its members.¬†They must also file a tax return, and pay compliance fees to the ATO, and ASIC if the fund has a corporate trustee.In order to remain as a complying self managed super fund, all SMSF’s must produce a set of financial accounts and a tax return, which must be audited by an approved SMSF auditor. See our full list of SMSF Fees. If the self managed super fund is found to be in breach of any section of the Superannuation Industry Supervision Act 1993, the trustees must submit a contravention report to the ATO. The contravention report is a rather arduous document, and is quite detailed. The ATO want to know what happened, what action was taken to remedy, and what has been done to prevent it happening again.

Pin It on Pinterest

Share This