SMSF – Annual Obligations

As a self-managed super fund trustee, there are certain obligations you need to fulfill before you can lodge your fund’s annual return to avoid any financial penalties. These obligations include determining the market value of assets, obtaining an actuarial certificate if necessary, preparing the fund’s accounts with an accountant before the annual audit, appointing an auditor at least 45 days before the due date, and reviewing the investment strategy regularly. Keeping track of record keeping and administration tasks throughout the year can make it easier to meet your annual obligations. The due dates for lodgement start from 31 October and can be checked on the ATO website or with your tax agent or accountant. More information is available on the ATO website or in other self-managed super fund videos.