Five essential tools for SMSFs and their trustees
Operating a self-managed superannuation fund (SMSF) can offer significant rewards - however, situations can arise where trustees feel challenged by their responsibilities.
The Superannuation team at BDO has developed a range of resources designed to assist trustees in navigating these obligations and facilitating a clearer understanding of necessary actions. These resources aim to demystify potential complexities, making it more manageable for trustees to fulfil their duties effectively.
1. Superannuation fact sheet – 2024
This fact sheet contains essential insights necessary for ensuring a successful year ahead. It encompasses crucial information such as contribution caps, minimum pension percentage factors, and pertinent tax rates applicable to self-managed superannuation funds and their members, as well as trustees. Keeping this fact sheet readily accessible will prove invaluable when contemplating decisions regarding the management of your fund.
2. Self-managed superannuation funds and real property valuations
Real property held by SMSFs must be regularly evaluated to ensure the fund’s financial statements are accurate, up to date and reflect current market valuations.
The Australian Taxation Office (ATO) has provided guidelines for SMSF trustees and auditors to follow when providing and reviewing real property valuations. Any valuations that do not meet the Australian Tax Office (ATO) requirements may not be accepted by the fund’s auditor, resulting in a qualified audit report.
BDO’s Superannuation team has compiled the following checklist to assist you in determining if the Fund’s property valuation meets the relevant criteria.
3. Self-managed superannuation funds and transfer balance account reports (TBAR’s)
In July 2017, significant changes were made to the Australian superannuation system. One of these changes introduced the Transfer Balance Cap (TBC), which is a limit on how much an individual can transfer from their superannuation accumulation account into retirement phase pensions. The ATO keeps track of an individual’s use of their TBC by using event-based reporting and transfer balance account reports.
Because not all SMSFs are required to lodge transfer balance account reports, BDO’s Superannuation team has compiled the following fact sheet to assist you in understanding event-based reporting and transfer balance account reports and determine if your SMSF is required to report this information to the ATO.
Determine your TBC obligations now
4. Self-managed superannuation funds and late lodgement
The SMSF annual return is an important document submitted to the ATO annually and reports on income tax payable as well as regulatory and member contributions. As the regulator of SMSFs, the ATO oversees SMSF compliance and takes prompt action when these annual returns are overdue.
The most disruptive action the ATO takes is the update of the fund’s status on the Super Fund Lookup website from ‘complying’ to ‘regulation details removed’. BDO’s Superannuation team has compiled the following fact sheet to assist you in understanding the implications of lodging your SMSF annual return late, and how to remain compliant.
5. Self-managed superannuation funds and data feeds
Managing an SMSF can be complex, requiring meticulous attention to detail. One of the essential aspects is keeping track of bank account and investment transactions, ensuring accuracy, and staying on top of your responsibilities as a trustee. This is where SMSF bank account data feeds come into play, as they can simplify the administration process and empower trustees to manage their funds effectively.
BDO’s Superannuation team has compiled the following fact sheet to assist you in understanding how data feeds work and demonstrate how they can save you time and money when managing your SMSF.
Questions? BDO's Superannuation team can help
We trust that the above superannuation fact sheets are informative and help you in overseeing your SMSF duties successfully this financial year and beyond. Should any of these documents raise questions, or if you have any specific topics you wish to see covered in a fact sheet, our Superannuation team are well equipped to provide advice and support.