OUR SMSF SERVICES

Skerritt Superannuation offers a professional, cost-effective and efficient administration service for SMSF's.

The Process of Establishing a Self Managed Superannuation Fund (SMSF): 

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If you decide to proceed with setting up a fund, please complete the Application Form and send this to us.

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On receipt of the Application Form, we will organise for the fund's Trust Deed to be prepared. We will also apply for an ABN and TFN for your new SMSF.

Although it may happen sooner, you should allow at least 30 days before your fund's ABN is available.

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The Trust Deed, together with other associated documents, will be forwarded to you for your signature.

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On completion of this process, your fund will have a Trust Deed, plus an ABN and TFN.

Your SMSF will also require it's own bank account (in the name of the SMSF). We can also help set this up for you, if you wish.

At this stage, you can commence making contributions to the fund and investing these funds.

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We can also start the process of rolling your existing Superannuation to your new fund.

(Other Superannuation Funds will not roll over your accumulated super to an SMSF until it has an ABN and it's own bank account).

Fund Administration and Compliance

A detailed break-up of our SMSF administration service:

• Cashbook posting and bank reconciliations

• Revaluation of fund assets, including share and unit trust investments

• The receipt of income such as interest, dividends, and rent from the Fund's investments and, if required, deposit to the Fund's Cash Management or bank account

• Arranging the payment of all expenses from Fund accounts**

• Lodgement of tax file number notifications and dividend/interest payment instructions for all of the Fund's investments

• Lodgement of various ATO Forms for Pensions and Changes in fund details

**(Please note, we do not have cheque signing authority on any SMSF Bank accounts)

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Where applicable, for pensions, we also arrange:

• SMSF Pension establishment

• Regular pension payments, and

• Preparation of associated taxation forms and returns.

• Arrange the preparation of necessary Minutes of Trustee Meetings and Resolutions.

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Preparation of Financial Statements

Prepare annual Financial Statements, including

• Operating Statement (Profit and Loss),

• Statement of Financial Position, and

• Member Statements.

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​Audit of SMSF

Arrange an independent audit of the SMSF Financials.

Arrange the lodgement of Self Managed Superannuation Fund Annual Taxation Return for the ATO.

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Compliance

We take SMSF compliance seriously. We make every endeavour to ensure that:

• All Returns are signed by Trustees and lodged by the prescribed dates. *

• Taxes and fees are paid by the prescribed dates.**

• Compliance with Superannuation Industry Supervision (SIS) Act and Regulations. *

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*This is conditional on Trustees providing, to Skerritt Superannuation, full information and responding in a timely manner to requests for information, payments and completion of documents.

** We do not hold cheque signing rights on Superannuation fund accounts.

Member Balances

We maintain individual member accounts and the allocation of contributions and net Fund earnings and charges to such accounts.

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Member benefits statement are prepared annually. These contain Member's tax and "Preservation"  components.

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Investment Reporting

We prepare various detailed investments reports with year-end market valuation reports and investment returns.

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Other Reporting

We can prepare additional unaudited Balance Sheets and Revenue accounts at the Trustee's request during the financial year for the fee applicable at the time.

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Where the Trustees provide us with the necessary paperwork, we also provide periodic (generally quarterly) reports.

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Fund Establishment

The cornerstone of every SMSF is the Trust Deed. We arrange for the preparation of the Trust Deed,  issued by a well-known legal firm which is well regarded in the Superannuation industry. This Deed contains up-to-date definitions and reflects the latest legislation.

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Also included in the setup process are:

• Australian Business Number (ABN) registration

• Tax File Number (TFN) registration

• Trustee Declaration and Consent to Act forms

• Minutes of initial Trustee meeting

• Member applications

• Setting up a Cash Management Trust (or Bank Account) for the new Fund

• Introductory information on Running your own SMSF

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Update Trust Deed

It is important that your SMSF maintains an up-to-date Trust Deed which includes the current legislative requirements.

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We can arrange for a replacement Trust Deed to be prepared, which will include details of:

• Binding Death Benefit Nominations

• Non-lapsing Binding Death Benefit Nominations

• Latest pension definitions

• Rules about fund borrowings, (such as Limited Recourse Borrowing used to purchase property in an SMSF)

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The most common changes that should be reflected in Deeds are:

• Downsizer Contributions

• Provisions to make spouse contributions

• Splitting of contributions with a spouse

• Provision to accept government co-contribution payments on behalf of a member

• Provision to pay a Transition to Retirement Pension (ie benefit payment whilst member is still working)

• Proper definitions of a disablement to allow for TPD benefits to be paid

• Ability to pay Term Insurance premiums

• No requirement to pay a benefit at retirement age

• Adequate borrowing provision for Limited Recourse Loans

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Pension Establishment

There are compliance issues for pensions.

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For new pensions paid by your SMSF, we:

• Provide pension calculations

• Document the pension commencement 

• Report the pension commencement to the ATO

• Arrange for an Actuarial Certificate, if required 

• Provide CentreLink with details of your SMSF pension (on request)

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For ongoing pensions, we:

• Arrange for the payment of your pension, generally monthly, but also quarterly or even annually.

• Annually provide you with the minimum pension withdrawal required under SIS.

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For fund members currently receiving a CentreLink benefit, we can provide CentreLink with the required details of your SMSF pension.

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If you are under 60 and receiving a pension through your SMSF, your super fund is required to provide, to the Tax Office, details of taxable pensions paid and remit the relevant tax associated with the pension payment to the ATO. We will deal with this on your behalf. 

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