As the end of the financial year fast approaches, we would like to remind trustees of the following to assist with their self-managed super fund’s compliance:
Ensure that concessional and non-concessional contribution caps are considered, particularly where the bring forward rule may have been triggered.
Give due consideration to the timing of contributions and method of receipt. i.e. contributions should be received either in-specie or banked directly into the fund by 30 June 2017.
For further information refer to TR 2010/1.
Review the minimum and maximum (if applicable) drawdown amounts for each pension account to see if any further payments are required.
Ensure pension payments made during the financial year are made well in advance of 30 June to eliminate any potential cut-off issues.
Consider the implications of the $1.6 million transfer balance cap for each member and plan ahead. We have released documentation to assist in commuting benefits back to accumulation, please contact us to request a copy.
Arrange 30 June 2017 valuations as necessary to ensure that all investments are reported in the financial statements at their current market value, to maintain compliance with Regulation 8.02B of the Superannuation Industry (Supervision) Regulations 1994 (SISR). This is an annual requirement and is especially relevant given the new $1.6 million transfer balance cap governing pension accounts from 1 July 2017.
A review of the Investment Strategy should be conducted regularly to ensure trustees are investing in accordance with their documented strategy and that due consideration has been given as to whether the Fund should hold insurance on behalf of its members.
It is always a good idea to perform an annual review of the Trust Deed to ensure legislative relevance and adherence to the governing rules of the fund. Any structural or investment changes during the year should be crosschecked with the deed.
SMSF Auditor comments
Review and address any recommendations or areas of concern raised by the SMSF auditor during the previous year’s audit.
If you have any questions please contact us at firstname.lastname@example.org or on 1300 04 SMSF.