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:
- Excel or CSV format bank statements for the full financial year (1 July to 30 June). Please note on the bank statement what the transactions are for and we can account for it accordingly. Please see a sample of a bank statement in PDF and Excel:
- PDF copy of the bank statement as at 30 June showing the name of the Fund and the closing balance of the bank account for each bank account.
- 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.
- HIN/SRN or CHESS statement for shareholdings, or
- Brokers statement showing all acquisition and disposals for the financial year in excel or CSV format preferably.
- Acquisition and withdrawals confirmation.
- Distribution statement/ Annual tax statements.
- Unit holding statement confirming the ownership by the SMSF and the values as at 30 June.
- Unit or share certificates showing the SMSF as the owner.
- Year-end financial statements for each company or trust.
- Dividend statement or trust distribution statement.
- Where the company or trust holds property, please provide property required documents (see below).
- For a new purchase or sale, please send us the purchase or sale contracts and settlement statement.
- For a property investment, you will receive a summary from the real estate agent showing rentals received, the real estate agent fee and expenses for repairs and maintenance. Please send us a copy of this statement.
- Depreciation schedule if applicable. This will allow for higher tax write-offs.
- Evidence the property is still held by the SMSF for continuing ownership such as a copy of Certificate of Tile or Council Rate notice.
- Lease agreement.
- Valuation statement for the property. The valuation statement can be from the real estate agent by the Trustee and should by conducted every year.
- Purchase and sales contracts.
- Details of where the asset is held and confirmation it is not used by the Members or a related party.
- Evidence of acquisition/sale contracts or invoices in the name of the SMSF.
- Valuation statements.
- Lease agreement if applicable.
- Life insurance policy statement for each Member.
- Note: Insurance is not compulsory but Trustees must consider having this in place.
There are some significant changes taking 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. You can download the minute template below to instruct us :1.6M Pension Balance Minutes
If your pension balance is over $1.6 million, we will automatically reset the asset cost base in a most tax effective manner to take advantage of the CGT relief.
Deadline for documents
The annual return for new SMSFs is due at the ATO by 28 Feb (8 months after yearend). If the fund is in its second or subsequent year of operation the deadline is 15 May (10.5 months after yearend).
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.
From 2013, 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
- the Trustees of the Fund have considered life insurance for all members and have attached the details to this email