yourSMSF Annual Service

 

For those people who wish to invest directly in shares or other assets such as real estate and are comfortable to have a high level of involvement in the operation of their SMSF our YourSMSF Annual Service is the right answer.

Under this service the Trustee is responsible for collecting and forwarding all financial records of their SMSF once per year to allow us to complete the annual regulatory accounting, reporting and auditing. The completed documentation is then returned to the Trustee to enable their tax lodgement for the year.

The yourSMSF Annual Service provides the following:

  • Annual regulatory returns including Tax Return
  • Preparation of financial accounts
  • Trustee Minutes
  • Sample Investment Strategy
  • Trustee Information Booklet
  • Assistance and liaison with a yourSMSF recommended Auditor
  • Lodgement of Tax Return
  • Annual Member Statements
  • BAS and/or IAS reporting on a quarterly or annual basis

Additional services can also be provided:

  • Pension Establishment and Commutation
  • Lump Sum Benefits and Rollins
  • Assistance and liaison with non yourSMSF Recommended Auditors
  • Trust Deed Update Service (Maintain Annual SMSF Requirements)
  • Assistance with ATO or ASIC Audits or Reviews
  • Corporate Registry Service for your Corporate Trustee

Trust Deeds

The Trust Deed is your ‘roadmap’ for the successful operation of the SMSF. Like a ‘roadmap’ it defines all the allowed ‘routes’ to retirement and the rules of the road. Basically if it is not in the Trust Deed (or overwritten by commonwealth legislation) the SMSF cannot legally do it. This is a most important document that is often not treated with the care and diligence that it warrants.

yourSMSF ensures that all Trust Deeds be prepared and reviewed by our preferred legal supplier to ensure that they continue to provide the Trustee with the widest possible choice of options when operating their SFSM. The advantages of using the yourSMSF preferred Trust Deed are:

  • New SMSFs are secure in the knowledge that they are set up with a fully complying deed specifically designed for Self Managed Superannuation,
  • Where the yourSMSF preferred deed is used the audit process is simplified as all funds have the same Trust Deed,
  • When the Trustee requests a service from yourSMSF the staff will immediately know if it is permitted under the standard Trust Deed,
  • The Trustee can elect to join the yourSMSF Deed Update Service to ensure that their deed is reviewed and updated annually with the latest changes required for SMSFs.

yourSMSF is not a legal firm and whilst it provides the Trust Deed service, it does so simply as a facilitator for the legal supplier. Trustees can be secure in the knowledge that they are dealing directly with a bona fide law firm which takes full responsibility for the content of their deed.

Reporting to the Regulators

yourSMSF has invested into the leading software system available to assist it to ensure, subject to all the appropriate information having been made available, that all regulatory reporting requirements by the SMSF have been completed on time. Reporting to regulators includes:

  • Preparation and lodgement of annual tax returns (SMSF Return)
  • Lodging reporting for Pensions, commutations etc.
  • Preparation of accounts and member statements
  • Preparation of minutes
  • Preparation of material for Audit
  • Arranging for Actuarial or Property valuations as required

Taxation

Taxation services include a thorough calculation and reporting of taxes including contributions tax, income tax, capital gains tax, foreign tax, Goods and Services tax and deferred tax.

Audit

yourSMSF provides assistance to the auditor of the fund by providing a complete set of work papers. For yourSMSF recommended Auditors the audit will be conducted via our secure intranet portal to maximise the efficiency of the process. For other Auditors yourSMSF will provide paper based information.

Insurance

Death and/or disability insurance is generally available within the SMSF and can provide a very tax efficient method of delivering adequate insurance cover to members.

Profit Distribution to Members

SMSFs can have from one to four members. Whenever there is more than one member there is always the question of equitable distribution. The software system is designed to allow for several types of distribution from the simple model for member funds to the more complicated options of a segregated assets model. Under the YourSMSF Annual Service all distributions are based on the time weighted distribution model where members receive a distribution which is proportionate to their balance held over time for each financial year.