Like all super funds, an SMSF is all about saving for, and providing, financial benefits to members in retirement. As a trust, an SMSF needs a trustee. There are two structure options:
Company trustee: You can appoint a company as trustee, with one or more fund members acting as company directors. This can allow for simpler recording and registering of assets, and provide administration efficiencies.
Individual trustee: Here, each fund member will be a trustee, and vice versa. Each fund must have a minimum of two trustees.
Fund Bank Account
As well as a Trust Deed, an SMSF has its own Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account.
Each member makes superannuation contributions to that account. Then the trustees invest that, in the name of the fund, following the fund’s agreed investment strategy.
Annual tax return and audit
There are many legislative, reporting and administrative obligations to stay on top of, with penalties for non-compliance. As well as recording your transactions, every year, your fund needs to lodge a tax return and an approved auditor needs to conduct an audit of your investment statements.
Using a professional service such as Financial Pulse for your administrative needs offers re-assurance, accuracy and peace of mind.