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6 SMSF compliance checks: should you go it alone?


SMSF trustees have six core responsibilities when it comes to compliance.

Investment rules, tax rules, auditing rules — sometimes SMSF compliance can seem never-ending. So is it time to get expert help, or can you do it all on your own?

Did you know that the main Act governing SMSFs and other super funds, has been changed 57 times since 2000, including four amendments in 2015 alone? No wonder SMSF trustees sometimes feel overwhelmed by the complexity of constantly changing compliance rules.

There is good news. Despite hundreds of pages of legislation, the compliance task for SMSF trustees boils down to six core responsibilities, which are listed below.

Your trustee checklist:

Task You need to Who can help
Investments A financial adviser can help you to:
Insurance A financial adviser can help you to:
Record-keeping and reporting An SMSF administrator can help you to:
Compliance A financial adviser, accountant, or SMSF administrator can help you to:
Tax An accountant or SMSF administrator can help you to:
Auditing An independent auditor, registered with ASIC, must carry out the audit on your fund — so that’s one professional you can’t do without!

Final thoughts

There are a variety of specialists available to give you the support you need, so you can choose how much you want to do yourself, and when you want to call in the experts.

About the author
David Busoli, National Manager of SMSF Education at AMP SMSF
Taking your SMSF to the next level
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