ATO releases new checklist for SMSF management

“Running an SMSF takes time and effort. There is a lot to do and keep track of at every stage of your fund. Use these checklists to help you manage your fund and meet your SMSF obligations,” the ATO said.

The guidance provides a detailed checklist for setting up an SMSF. It also focuses on trustees reporting obligations such as valuing the funds’ assets at their market value at 30 June, making sure the fund has paid any minimum annual income stream payments required under super laws.

It also outlines the ongoing SMSF compliance obligations across investing, contributions and rollovers, paying benefits and record-keeping requirements.

The ATO also outlined the importance of the investment strategy along with the need for regular review and consideration of all circumstances of the fund, including risk, diversity, liquidity and member’s circumstances.

Trustees must also make sure all benefit payments made by the fund have been made in accordance with the super laws and the proper and accurate records have been maintained for required time frames.

The new guidance also provides updated information on SMSF rollovers to align with the new SuperStream requirements.

Funds must make sure to engage an SMSF messaging provider offering SuperStream rollover services and obtain their electronic service address.

The checklist guidance also outlines additional steps to consider when starting to pay an income stream, along with considerations when winding up a fund. 

The checklist can be viewed here.