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Practical SMSF administration paper

Published on 22 Nov 13 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Once you know and understand the rules and regulations surrounding the operation of SMSFs, it is often considered just a matter of process to administer the events that happen. You just get the bank and investment information from the client, process the transactions into the superannuation software and produce the required year end documentation right? Alas that’s not the case. Unfortunately there are many tricks and traps that surround events that happen in the operation of SMSFs that can catch administrators out when processing these events. For instance, the timing, the content and the order of documentation can often be critical to getting it right.

This paper looks at a number of common events in the life of an SMSF and outline the various requirements to get it right, including:

  • commencement and full and partial commutations of pensions
  • events impacting trustees and members, such as admission, death, rollout of benefits and fund wind ups
  • refunding contributions
  • requirements for contributions (concessional, CGT cap amounts and work test issues).

Author profile:

Tricia Kleinig
Tricia is a Manager at William Buck Chartered Accountants in Adelaide. After many years in Business Advisory, she became a Manager of the superannuation division in 2001. Tricia provides services to SMSFs in particular compliance, pension strategies, contribution rules and advice in relation to SIS legislation and regulations. Current at 04 December 2013
 

This was presented at Superannuation Day.

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