Heffron | Australia's leading independently owned SMSF administrator

End of year compliance

There are a number of tasks that need to be carried out for an SMSF each year to meet the statutory requirements on reporting to the ATO. The following is an overview of some of the key tasks and how Heffron can help you meet your obligations as Trustee.

We'll complete a comprehensive compliance review, and communicate it directly to you. In that review, we will confirm things like:

  • Any new assets you’ve bought in your fund during the year are held in the right name;
  • Paperwork to enable you to claim a personal tax deduction for your super contributions (if applicable) has been correctly completed and executed;
  • Your insurance policy is in the right name
  • The trust deed is up to date
  • Your investments are within the ranges set out in your investment strategy
  • Your pensions have been paid correctly

Each year every SMSF must prepare a set of financial statements and lodge an income tax and regulatory return with the ATO, these are also audited.

Ultimately you will need to sign the fund's financial statements and tax return even though they are prepared by Heffron, much like you are responsible for signing your personal tax return even if it is prepared by your accountant. When your return is lodged, your fund will not only make any final tax payments necessary but it must also pay a levy to the ATO for the subsequent year. This is currently $259.

If your fund needs to lodge a Business Activity Statement (BAS) or pay tax instalments throughout the year, we will arrange this for you and even transfer the tax from your nominated cash account to the ATO using a special authority you provide to us during the set up/transfer process.