SMSF Services

Frequently asked questions

• What SMSF administration work do you handle?+

  The annual cycle: the fund's accounts, the annual return, the records behind both, and the independent audit arranged with an approved SMSF auditor. Establishment work sits at the front of that cycle and wind-up at the end of it. The aim is a fund that meets its obligations without the trustee chasing deadlines.

• What records does an SMSF trustee need to keep?+

  More than most people expect: the trust deed, trustee declarations, minutes of decisions, the investment strategy and its reviews, and the accounting records behind each annual return — kept for the periods the superannuation rules require, which run to ten years for some. The ATO can penalise trustees personally, so the record-keeping is systemised from the start.

• Do you arrange the annual SMSF audit?+

  Yes. Every SMSF must be audited each year by an independent, ASIC-registered SMSF auditor before its return is lodged. We prepare the accounts and working papers the auditor asks for, manage the queries, and help deal with anything the audit raises.

• Can you help set up or wind up an SMSF?+

  Both. Establishment covers the structure, the documentation and the registration; wind-up covers the final accounts, the final audit and the rollover in the right order. Whether a fund suits you in the first place is a separate question — that is personal advice, and it sits with the advisers at Sal's Wealth rather than with this service.