We continue to improve the Online Checklist to provide you with a better user experience and to ensure that the Annual Compliance requirements are completed as efficiently as possible.
Please find following the major new features that have been integrated into the 2019 Online Checklist:
1. Code transactions and upload documents under the "Coding" tab.
The first tab of Part 2 of the checklist is now called "Coding", whereby you are required to code the transactions which occur in the Bank, Broker, Term Deposit and Loan accounts held by your SMSF.
This year, the supporting documents for each transaction are predominantly collected under the "Coding" tab. Collecting information and documents as part of the coding process ensures the information displayed in later steps of the Checklist will be correct therefore avoiding unnecessary errors. This will also reduce the input required from you in later steps as well as improve the efficiency of the Annual Compliance process.
2. New "Personal Account Payment" tab
We have introduced a new page called "Personal Account Payment" in the 2019 Checklist. If you purchased investments, paid expenses or paid a tax liability for your SMSF but the payment was made from your personal account during the 2019 Financial Year, you will be able to provide details of these transactions via the 2019 Online Checklist. Given these payments were made from a personal bank account, they will be treated as personal contributions made to the SMSF.
3. New "Corporate Action" tab
For any non-cash Corporate Action, you will be required to provide the details on the "Corporate Action" tab of the 2019 Online Checklist. Examples of non-cash corporate action includes:
- Dividends and Distributions Reinvestments;
- Share Consolidation and splitting;
- Merger and Acquisitions;
- Bonus issues
- Share Delisting.
4. Updates to the "Assets" tab
For the 2019 Online Checklist, the "Assets" page will display ALL assets held by your SMSF, including the Bank and Term Deposit balances as at 30 June 2019. Investments held under a Broker Account will also be displayed on the page.
If the bank and broker accounts were established by ESUPERFUND, our office receives the electronic data for the bank balance/holding information, and no action is required by you.
For Other Broker Accounts or Other Assets not held via a broker, the system will calculate the 30 June 2019 holdings (i.e. number of units) based on the 2018 accounts and/or from the information provided by you in the earlier tabs of the 2019 online checklist.
5. Other New Features
Uploading Documents for Audit Purposes
We have provided you with sample documents on all pages of the Checklist to assist you in providing the correct documentation. The samples detail the minimum information required for audit purposes. Providing the correct documentation is an important step to pass the Annual Audit Process and therefore, we recommend that you source and provide the supporting document.
If you do not hold the supporting document, you may notify our office of this potential audit issue on the "Coding" page under the Upload document section.
Contributions and Withdrawals Summary pages
Information related to contributions and withdrawals, such as type and member allocation, are collected directly when the transactions are being coded. The Contributions and Withdrawals pages detail a summary of the contributions and withdrawals for each member and request for the related documents.