As the new year fast approaches, there are a number of considerations SMSF trustees should be aware of leading into 2018.
Before the end of the year, take time to address the following:
Assess your investment strategy – consider the risk, diversity, liquidity and your foreseeable personal financial circumstances for the following year.
SMSF compliance – fund investments all comply with super laws, proper and accurate records maintained for required timeframes, all fund money and assets are held separately from money and assets held by trustees personally or by a related employer.
Annual obligations – have you prepared the fund’s end of year financial accounts and statements, documented the review of the investment strategy, paid minimum annual income stream payments required under super laws.
Income stream – if you are starting to pay an income stream, decide whether you will seek advice from a professional, confirm member has met a condition of release, obtain an actuarial certificate, determine the minimum annual payment required under super law, register for PAYG withholding, have the assets that support the income stream valued at market value.