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Running your SMSF

Beyond the annual return, SMSF trustees have ongoing obligations throughout the year. This section covers what needs attention on a rolling basis, how long records need to be kept, and what to do if a lodgement falls overdue or a compliance breach occurs.

What needs to happen each year?

What Ongoing Tasks Does an SMSF Trustee Need to Manage?

The recurring tasks trustees need to stay on top of throughout the SMSF year.

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How Long Do You Need to Keep SMSF Records?

Which records need to be kept for 5 years, which for 10, and which permanently.

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What Happens If Your SMSF Annual Return Is Overdue?

Penalties, Super Fund Lookup status changes, and how to get lodgements back on track.

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What Should You Do If Your SMSF Has a Compliance Breach?

The right way to identify, report and rectify a breach, and what your auditor is required to report.

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SMSF Tax and PAYG Instalments
 

How SMSF income and capital gains are taxed, and when your fund needs to pay PAYG instalments throughout the year.

Copyright LIfetime SMSF Pty Ltd | Privacy | 

The information contained in this website is purely factual in nature and does not take account of your personal objectives, situation, or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. It is not intended to be financial product advice, legal advice, or tax advice and should not be relied upon as such. It is provided for the use of a Self-Managed Superannuation Fund Trustee or a person who has already made the decision to establish a Self-Managed Superannuation Fund only. In no circumstances, is it to be used by a person for the purposes of making a decision about establishing a Self- Managed Superannuation Fund. Lifetime SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice you should consult an appropriately licensed or authorised financial adviser. Liability limited by a Scheme approved under the Professional Standards Legislation.

Lifetime SMSF Pty Ltd is a Registered Tax Agent obligated to abide by the Tax Practitioners Board (TPB) Code of Professional Conduct and other taxation laws.

 

We draw your attention to the Information for Client Factsheet https://www.tpb.gov.au/sites/default/files/2024-10/Information%20for%20clients%20factsheet.pdf  prepared by the Tax Practitioner’s Board (TPB) setting out how to search the TPB’s Register of Tax Agents and how to make a complaint to the TPB about a tax agent service.

 

The Client Factsheet may also assist you to understand your obligations as a taxpayer and our obligations to you as your Tax Agent.

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