As a self-managed superannuation fund (SMSF) trustee, you are responsible for ensuring your fund complies with super laws. This includes ensuring your fund is operated for the sole purpose of providing benefits to members in retirement.

The ATO Provides General Information On Smsfs And Compliance.

You should regularly review your SMSF’s compliance with the super laws. This will help you identify any areas where your SMSF may not be complying and take steps to fix any problems.

If you are unsure about any aspect of running your SMSF, seek professional advice.

There are several ways you can get professional advice, including:

• using an accountant or financial adviser who specialises in SMSFs
• attending seminars or workshops
• reading SMSF publications.

You can also contact the ATO’s SMSF general enquiries line on 13 10 20 for more information.

The ATO cannot give you personalised advice about your SMSF. If you need personalised advice, you should speak to a professional adviser.

Supervisory Levy

All SMSFs are required to pay a supervisory levy. The levy helps to fund the costs of regulating SMSFs.

The ATO will send you a notice each financial year advising you of the amount of your levy. You must pay the levy by the due date shown on the notice.

If you do not pay the levy, the ATO may take action to recover the outstanding amount. This may include charging interest on the unpaid amount and/or taking legal action.

Ato Compliance Activities

The ATO undertakes a range of compliance activities to ensure SMSFs are complying with the super laws.

These activities include:

1. Education And Prevention

Providing information to help trustees understand their obligations and avoid common mistakes

2. Reviewing Fund Annual Returns

Checking that trustees have reported accurately on their fund’s compliance status

3. Audits

Selecting funds for audit based on risk factors, including information reported in annual returns

4. Investigating Complaints

Taking action where there is evidence of serious non-compliance.

The ATO may take enforcement action if it finds that an SMSF has breached the super laws. This can include issuing a direction to the trustees to take corrective action and/or imposing penalties.

If the ATO takes enforcement action against your SMSF, you will be allowed to explain your side of the story.

3 Reasons Why You Need Supervision For Your SMSF List.

1. To Ensure Your Smsf Is Compliant With The Law

Your SMSF must also comply with the trust deed, which is the legal document that sets out the rules for running your fund. The ATO can help you to prepare or update your trust deed if necessary.

2. To Help You Make Informed Decisions About Your SMSF

You should always consult with a financial advisor to ensure that your SMSF is on track to meeting your retirement goals. Additionally, you should:

• Review your investment strategy regularly and make changes as necessary
• Keep up to date with legislative changes that may affect your SMSF
• Understand the fees and costs associated with running your SMSF
• Make sure your SMSF is compliant with all relevant regulations.

3. To Keep Track Of Your Smsf Performance

There are a few key things you can do to keep track of your SMSF performance:

1. Review your investment strategy regularly

2. Stay up to date with changes in legislation and regulation

3. Understand your fund’s asset allocation and make sure it is aligned with your goals

4. Keep an eye on fees and costs

5. Regularly monitor your fund’s performance

By following these simple tips, you can help ensure that your SMSF is on track to achieving your long-term financial goals.

Visit supervision smsf for more info.