Running an SMSF
Being an SMSF trustee comes with it a range of responsibilities in running your Self Managed Super Fund. It is important you understand the duties, responsibilities and obligations of being a trustee and seek professional advice to ensure that your fund remains compliant.
In operating an SMSF, trustees are required to understand and follow rules of an SMSF, including:
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to act honestly in all matters concerning your fund
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to exercise skill and diligence in managing your fund
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to act in the best interest of all members
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to keep the money and assets of your fund separate from other money and assets (for example, your personal assets)
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to retain control over your fund
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to develop and implement an investment strategy
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not entering into contracts or behave in a way that hinders you or other trustees from performing or exercising functions or powers
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allowing members access to certain information
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not to access or allow others to access funds early (without meeting a condition of release)
To assist trustees with the compliance obligations of their SMSF, Outlook provides services to its clients to fulfill their statutory obligations with the Regulator (Australian Taxation Office) and other government agencies. Our highly qualified team provides trustees and their advisers with the ability to confidently navigate their way towards their retirement goals.
See How it Works
Outlook’s SMSF solution provides trustees with comprehensive reporting including:
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Preparation of financial statements (including maintenance of adequate accounting records for capital gains tax, trustee and member information, contributions and benefit payments).
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Preparation of Member Statements
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Preparation of SMSF Annual Return
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Preparation of trustee minutes of meetings
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Preparation of annual revised pension advice, including trustee minutes (where applicable)
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Review existing Death Benefit Nominations
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Review of the Fund’s Investment Strategy
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Independent SMSF Audit
View our Sample Reports:
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Sample SMSF financial statements,
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Sample SMSF investment reports.
Our fees start from $1,650 (inc. GST) for accumulation funds and $2,200 (inc. GST) for pension funds. You can obtain a fixed fee quote for the ongoing compliance requirements of you SMSF by contacting us smsf@outlookta.com.au, or refer to our Service & Fee Schedule for further details.
In addition, the fund will be required to have an Independent Audit conducted each year and may require additional services such as actuarial support (when paying pensions).
The fund will also be required to pay the ATO Annual Supervisory Levy each year of $150.
Clients are provided with a secure area login, which allows trustees to take an active role in their ongoing fund responsibilities and is a central communication point to provide further trustee education. Outlook also provides SMSF trustees with a regular newsletter, SMSF Inview, which provides a monthly communication to you about thoughts on the latest strategies, trustee obligations and other important issues impacting Self Managed Super Funds.