Esuperfund Title
Thursday 24 April 2014
Checklist

How it Works

Annual Compliance Requirements

Your SMSF must attend to certain annual reporting requirements each and every year. These include:

Preparation of an annual Balance Sheet.
Preparation of an annual Profit & Loss Statement
Preparation of annual Member Statements
Preparation of annual Trustee Resolutions & Minutes
Preparation of an annual Income Tax Return
Preparation of an annual Audit
Lodgement of the annual Income Tax Return

The above annual compliance requirements are ALL the compliance requirements that a SMSF must attend to annually. Importantly ESUPERFUND attends to ALL the above annual compliance requirements for your SMSF. You do not need to arrange for another accountant to prepare the above annual documentation as they are all completed by ESUPERFUND. Similarly all the above documentation is covered by our annual fee. The process to prepare the annual compliance documentation for your SMSF is detailed as follows:

Step 1: Electronic Data Received by ESUPERFUND

As you are aware ESUPERFUND receives electronic data from your SMSF Bank and Broker detailing the transactions made by your SMSF during the financial year. Importantly we only have access to electronic data and have absolutely no access to your Bank or Broker Accounts.

Step 2: Electronic Data Uploaded into an Electronic Checklist Format

ESUPERFUND has uploaded the Electronic Data received for your SMSF for the 2013 Financial Year into an Electronic Checklist for your review. The Electronic Checklist has been broken down into a convenient step by step format, requesting additional information from you that we have been unable to determine (where applicable). As an example of additional information that may be required, the Electronic Checklist will ask for details of Contributions made into your SMSF (where applicable). That is when a Contribution is made to your SMSF Bank Account we will receive an electronic confirmation of the Contribution. However in some cases the narration provided will be insufficient and we will require additional details from you confirming on whose behalf the Contribution has been made and the Contribution Type. The Electronic Checklist will prompt you when additional information is required.

Step 3: Login to your 2013 Electronic Checklist

To login to your 2013 Electronic Checklist you will need to enter your User ID and Password in the "Login Section" at https://clientportal.esuperfund.com.au

Please note that your User ID and Password are as follows:

User ID: Enter your Registered Email Address
Password: Enter your SMSF Bank Account Number

Please note that for security reasons you will be prompted to reset your Fund's login password to the ESUPERFUND Client Portal. To the extent that you have reset your Fund's login details after July 15 2013 you will not be required to reset the password again. We suggest that you change your Fund's login details on a regular basis and avoid using old passwords.

Step 4: Submit 2013 Electronic Checklist to ESUPERFUND

Once you have logged in and completed the details requested in the 2013 Electronic Checklist, you can submit the Electronic Checklist online to ESUPERFUND. The 2013 Electronic Checklist should be submitted to ESUPERFUND by 31 October 2013. It is noted that if this is the first year you are lodging a Tax Return for your SMSF, the Tax Return must be lodged by February 28, 2014. If this is not the first year you are lodging a Tax Return for your SMSF, the Tax Return must be lodged by May 15, 2014. Accordingly by requesting that the 2013 Electronic Checklist is submitted to our office by 31 October 2013, this gives our office sufficient time to prepare and lodge the annual compliance documentation by the due date.

Step 5: Compliance Documentation Prepared and forwarded to you for Review and Signing

On receipt of the 2013 Electronic Checklist Information from you, ESUPERFUND will attend to the annual compliance documentation as detailed above. On completion, the annual compliance documentation will be forwarded to you for review and signing. Once you are satisfied that the documentation is correct, you simply have to sign and forward the documentation to our office. If you have any queries about the documentation it is preferred that you submit an Email Query form which can be found here and the accountant who prepared the documentation will respond to your queries as soon as possible. It is preferred that you do not call ESUPERFUND with any queries as it is more efficient for the accountant to review your query and respond with an appropriate answer by email. Importantly a copy of the annual compliance documentation will also be included for your records.

Step 6: Tax Return Lodged with ATO

On receipt of the signed documentation from you, the Tax Return will be lodged with the ATO. As detailed above if this is the first year you are lodging a Tax Return for your SMSF, the Tax Return must be lodged by February 28, 2014. If this is not the first year you are lodging a Tax Return for your SMSF, the Tax Return must be lodged by May 15, 2014.

Step 7: Tax Liability Paid by you (or Tax Refund Issued)

When the Tax Return has been completed at financial year end, ESUPERFUND will send to you the Tax Return to you for review and signing as detailed above. The Tax Return will also indicate the Tax Liability due and payable and the due date. If this is the first year you are lodging a Tax Return, the SMSF must pay its tax liability by February 28, 2014. If this is not the first year you are lodging a Tax Return, the SMSF must pay its tax liability by May 15, 2014. The tax liability must be paid from the Transaction Bank Account established for your SMSF. ESUPERFUND will provide you with the relevant BPAY details to arrange payment of the tax liability conveniently from your Transaction Bank Account. Alternatively where your SMSF is entitled to a Tax Refund the Refund will generally be issued 2-4 weeks after lodgement of the Tax Return. The ATO will in turn issue a cheque for the Tax Refund which you will need to deposit into your Transaction Bank Account. At this time the Annual Compliance Process will be completed.

Annual Checklist