06 Nov Administration – SMSF
A self managed super fund has even more onerous requirements than running your own business. Not only do you need to keep very accurate records the fund will need to lodge its own tax return, have full financial statements completed and a comprehensive annual audit conducted to ensure compliance.
Trustees often make the mistake of keeping poor records when running their own fund. Initially the novelty of a new fund is enough to keep them interested but this novelty quickly turns into a monthly and sometimes weekly chore which must continue for the life of the fund.
By not keeping accurate records you run the risk of compliance issues for which the penalties are substantial
Running your own super fund is a substantial commitment, it requires diligence, intellegence and a good team of advisers to keep you on the right path. The rewards however can be worth the effort when the right strategies are implemented correctly.