What You Need To Tell Your Adviser About Your Self Managed Super Fund

February 13, 2015


We often receive calls or emails from clients and some non-clients, who delay getting important information back to us, whether it is tax returns, information for their auditor, or engaging with their planner. So, we thought we would find out what and when the right information is needed.


We have captured here the key areas of process, or events:



Self Managed Super Funds


  • Make sure all Self Managed Super Funds transactions go through the fund’s bank account.


  • Put an investment strategy in place.  If you do not have an investment strategy, then please talk to our team who will be only too happy to assist you.


  • Tell us when anything significant happens so we can produce a minute of the trustees meeting. e.g. buying or selling a significant asset.


  • “I transferred money into or out of the SMSF bank account in error” - Tell us straight away and agree the best way to fix this.


  • One of the members/trustees is seriously ill – Tell us immediately.


  • A trustee is leaving Australia ‘permanently’ or for more than six months – Tell us.


  • Self Managed Super Fund trustees should work with their adviser to ensure that they don’t do anything to prejudice the tax advantaged 15% tax or tax free pension income.


  • Maximum or minimum pension amounts must be drawn every year, know the amounts that apply to you


  • If you receive an auditors management letter, you should act on any matters raised, before they become reportable contraventions


  • If you don't have much money invested in your SMSF - check with your adviser to make sure it is still viable to maintain.  It could be a good option to transfer your super into a public offer super fund.


  • Have you considered having life and income protection insurance inside the super fund?


  • Self Managed Super Funds are not allowed to buy residential property from a member or related party.


  • A Self Managed Super Fund can't rent or provide a residential property to a family member or yourself.

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