SMSF Year End Requirements
The end of the financial year is the same for SMSFs as it is for individuals – 30 June. Superannuation Warehouse will prepare the SMSF annual compliance functions.
You need to send us your documents (see checklist below)
Trustees are responsible for sending us the information we need to prepare the fund’s financial accounts and tax return. Send all supporting documents to us by email. We need to know the balances at 30 June and the transactions for the year for each of the following:
- For contributions into the Fund, note which member this relates to.
- For roll overs from other funds into the SMSF, please send a copy of the Benefit Rollover Statement setting out the tax components of the roll over.
- Statement or certificate confirming the ownership by the SMSF and the value as at 30 June.
- Purchase and sale contracts for the year.
- Transaction summary statement for the period from 1 July to 30 June.
- Financial Year summary statement as at 30 June to confirm units held and market value as at 30 June.
- Dividend or distribution statements during the year.
- Annual Tax Statement for Listed Unit Trust for the current financial year.
- Unit or Share Certificate to confirm the units held and market value as at 30 June.
- Market value as at 30 June.
- Signed Financial Reports and Tax Return for Unlisted Unit Trust for the current financial year.
- Share certificate confirm the units held by the Fund and market value as at 30 June.
- Extract of ASIC Certificate showing Directors and Shareholders to confirm the SMSF does not have a control and voting right over the entity.
- If there is dividend income, we need the dividend statement to record the franked / unfranked components.
- Annual Tax / Distribution statements for the year.
- Financial Year Summary Statement from 1 July to 30 June.
- Depreciation schedule if applicable.
- Rental statements showing the relevant Income and Expenses.
- Loan Agreement, loan statements / loan repayment schedule if applicable.
- Title Deed for the property.
- Property settlement statement / Statement of Adjustment.
- Property revaluation (can be a Trustee revaluation).
- Signed lease agreement (no related party for residential property).
- Property insurance policy for the period from 1 July to 30 June.
- Tax invoices / payment receipts for all expenses paid by the SMSF.
- Executed Contract of Sale to confirm the ownership by the SMSF.
- Executed Declaration of Custody Trust if the Fund purchased a property with loans.
- Purchase and sale contracts in the name of the SMSF.
- Year-end holding statements to confirm the value as at 30 June.
- Details of where the asset is held and confirmation it is not used by the Members or a related party.
- Insurance policy statement for all collectable and personal use assets from date of purchase.
- Summary of all bullion noting type and quantity of all bullion as at 30 June.
- A dated photo of all bullion held by the Fund to confirm the existence of all these assets.
- Holding summary statement as at 30 June to confirm all crypto currency held and market value as at 30 June.
- Summary Statement for crypto currency trading account from 1 July to 30 June.
- Summary Statement for cash account from 1 July to 30 June.
- Evidence of acquisition / sale contracts or invoices in the name of the SMSF.
- Valuation statements.
- Lease agreement if applicable.
- Life insurance policy Statements showing the insurance payments and the name of the SMSF.
Note: Insurance is not compulsory but Trustees must consider having this in place.
There are some significant changes that took effect from 1 July 2017 in Super. If your pension balance is over $1.6 million, you will need to make a request to convert part or all of your pension accounts into accumulation phase to ensure that your total pension balance does not exceed $1.6 million. Individuals who start their first retirement phase income stream on or after 1 July 2021 will have a personal transfer balance cap of $1.7 million. You can download the minute template below to instruct us :1.7M Pension Balance Minutes
If your pension balance is over $1.6 million or $1.7 million (after 1 July 2021), we will automatically reset the asset cost base in a most tax effective manner to take advantage of the CGT relief.
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Deadline for documents
The annual return for new SMSFs is due at the ATO by 28 Feb (8 months after year end). If the fund is in its second or subsequent year of operation the deadline is 15 May (10.5 months after year end).
Please try to send all files in Excel or CSV format. This will speed up the processing time significantly. Where there’s excessive data entry (also referred to as a shoe-box audit) we will have to charge an entering and processing fee to the account.
Forward all the documents you have on your Fund. If we have any queries or there are any documents missing, we’ll get in touch with you.
In order for us to carry out your SMSF accounting efficiently, it is important that the information you send us is complete and accurate. If we have to ask for information after the accountants have started processing your SMSF there may be an additional charge.
Our preference is to have Trustees complete and sign the year-end checklist to ensure that Trustees understand their responsibilities for reliable, accurate and complete accounting records supplied to us. If the year-end checklist is not provided to us, we will work on the assumption information supplied to us is complete and accurate.
As part of Trustee’s obligations, there is a requirement to keep invoices and source documents for a minimum of 5 years.
Trustees are required to consider life insurance as part of their SMSF investment strategy. For more information about taking out an insurance policy, visit our insurance page.
Sending us your annual SMSF documents – a checklist
In order to confirm that you’ve completed the steps listed below, please read them, copy them and then paste them into an email and send them to us at: email@example.com
- We have sent you complete information concerning our SMSF activities for the year,
- In the bank statement, we have marked all transactions and provided details of each one as a guide to their allocation,
- We have attached a statement for each of the SMSF assets confirming that the SMSF holds legal title to these assets, and
- The Trustees of the Fund have considered life insurance for all members and have attached the details to this email.