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DIY Super For Dummies, 3rd Australian Edition by Trish Power

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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.

tip.png 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 ...

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