SMSF – What’s Involved With An SMSF

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      Lesson summary:

      If you are thinking of starting your own self-managed super fund, there are many things to consider. Firstly, there are a number of tasks that need to be completed when setting up the fund, including deciding on fund members and trustees, establishing the trust, creating an investment strategy, and registering with the ATO. After set up, ongoing tasks include valuing assets, preparing accounts, appointing an auditor, and lodging an annual return. When making payments, you must decide if assets need to be sold, ensure minimum payments are met, and provide payment summaries to members and the ATO. When the fund is finished, you need to get a final audit, lodge a final return, pay outstanding tax, and payout or rollover all assets. It is important to consider whether you can manage all of these tasks or if you need to pay professionals to help. Seeking professional advice is recommended before starting a self-managed super fund. Remember, as a trustee, you are ultimately responsible for the fund.

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