What Ongoing Tasks Does an SMSF Trustee Need to Manage?
SMSF trustees have ongoing tasks throughout the year including updating personal and fund details within 28 days of a change, regularly reviewing the Investment Strategy, checking in-house asset limits, paying the minimum pension by 30 June, and promptly signing annual financial and compliance documents.
What tasks need attention throughout the SMSF year?
Beyond the annual accounts and audit, trustees need to manage a range of ongoing matters including record storage, death benefit nomination reviews, bank and investment account details, and notifying personal concessional contributions when they're made.
Why do personal detail changes need to be notified quickly?
ASIC and the ATO require changes to personal details, such as name or address, to be notified within 28 days. Delayed notification can create mismatches that cause issues with contributions, rollovers, or the ABN verification process.
What happens if the SMSF Audit Management Letter is ignored?
The Audit Management Letter raises matters the trustee needs to act on. Leaving these unaddressed until the following year's audit increases the risk of a matter being classified as a recurring breach, which is treated more seriously by auditors and the ATO.
How does an Annual Task Calendar help?
Mapping recurring tasks, such as pension minimums, quarterly BAS, PAYG instalments and the ASIC solvency resolution, against the months they fall due helps trustees stay ahead of deadlines rather than reacting to them.
Frequently asked questions
How often should death benefit nominations be reviewed?
At least annually, and whenever personal circumstances change, such as a marriage, separation, or the birth of a child.
What is the deadline for paying the minimum pension?
The minimum pension needs to be paid by 26 June so it reaches the pensioner's personal account by 30 June.
What happens if I miss the in-house asset limit check?
SMSFs are generally required to keep in-house assets below 5% of total fund assets, and exceeding this limit at 30 June can create a compliance issue requiring a rectification plan.
Want help staying on top of your SMSF's ongoing obligations? Contact Lifetime SMSF on 1300 031 943 or visit lifetimesmsf.com.au to talk to a specialist.
This information is general and factual in nature. It is not financial product advice, legal advice or tax advice. Lifetime SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice, consult an appropriately licensed or authorised financial adviser.