DIY Super For Dummies, 3rd Australian Edition

Appendix A

SMSF Compliance and Administration Checklist

Y ou can use the checklist in this Appendix (Table A-1) as a handy reference for running your SMSF, or as a benchmark when selecting a SMSF service provider. I explain what to look for when selecting a SMSF administrator or adviser in Chapters 5, 6, 7 and 10.

If you like checklists, you’re going to love the convenience of the Record-Keeping Checklist in Chapter 12 as well, which lists all of the important SMSF documents you need to have, and states how long you need to store these documents.

Table A-1:    SMSF Compliance and Administration Checklist
Stage	Task	Chapter Reference
Setting Up Your SMSF
Fund set-up	Set-up steps and other matters	6, 7, 8
	Sign SMSF trustee declaration	9
Running Your SMSF
Accept contributions	Check member(s) entitled to make super contributions	4
	Check have member(s’) TFN	4
	Ensure SMSF is an ‘Australian superannuation fund’	8
	Accept only permitted contributions	4
	Obtain deduction notice(s) for concessional contributions	4
	Ensure in specie (non-cash) contributions are within rules	4, 15
	Ensure assets held in name of fund	15
Pay benefits	Benefits (lump sums or pensions) paid in accordance with SIS Act, SIS regulations, and trust deed	19, 21, 22, 24
	Member satisfies condition of release before ...