2019 Annual Compliance Procedure

What are your SMSF 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

Review and Complete the Online Checklist

In order for us to attend to the above reporting requirements for the 2019 Financial Year for your SMSF, we request that you review the Online Checklist and provide additional information where requested.

The 2019 Online Checklist is split into a 2 part process:

Part 1: "Data Collection" tab

The "Data Collection" Tab asks you a series of questions about the Investments made by your SMSF during the Financial Year. Based on your answers the system will determine what additional data is required by ESUPERFUND.

If the SMSF Bank and Broker accounts were established by us, ESUPERFUND receives electronic data and no information is required from you. Importantly we only have access to the data and cannot transact on your SMSF Bank or Broker Accounts.

If your SMSF holds other Bank and Broker accounts, additional data is required from you. The system will prompt you to provide the data and once provided the data will need to be reviewed by ESUPERFUND which can take up to 48 hours. Once the data provided is reviewed and approved by ESUPERFUND, you will be able to complete the remaining steps in the Checklist (Part 2).

Part 2: Remaining Checklist tabs

Part 2 of the Checklist will request you to code items and provide supporting documents relating to the data from Part 1. 

ESUPERFUND Takes Care of your SMSF Annual Compliance Requirements

On receipt of the 2019 Checklist information, we will attend to the preparation of the Annual Compliance Documentation.

Please note that we may contact you via the Client Portal Inbox if we require further information to finalise the compliance requirements.

On completion, you will be notified that the annual compliance documentation is ready for review and signing from the Client Portal.

For more information on ESUPERFUND's Annual Compliance Procedure, please click here.

Submit the Online Checklist at Your Earliest Convenience

ESUPERFUND completes Tax Returns in the order in which the Online Checklist is submitted.  Accordingly, please complete and submit the Online Checklist at your earliest convenience to ensure prompt lodgement of your SMSF's Tax Return.

If you have any queries when completing the Online Checklist, please read the "Instructions" on each individual page of the Checklist.

If you encounter any problems or if you would like to suggest any enhancements, please contact our office via the Client Portal Inbox.  As always, we strive to provide you with the best possible user experience when completing your Annual Online Checklist.

What's New in the 2019 Checklist?

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.

Frequently Asked Questions

Section One: Data Collection Has Been Completed

+ I have used Banks, Term Deposits and Brokers NOT set up by ESUPERFUND and completed the "Data Collection" tab.  How long will it take to review the Data Collection section of the Online Checklist?

If you have authorised ESUPERFUND to receive Trading Data on some Brokers (e.g. Saxo Market, Interactive Brokers), we need at least 7 business days to forward your linkage authority to the Broker, obtain the data from the newly appointed Broker and then transfer the data into a format that is compatible with our IT system.

Once the account has been linked to ESUPERFUND or where there is no linkage authority request, it will take around 3 business days to review the information provided by you under the "Data Collection" tab.  The actual time may vary depending on the number of transactions and trades.  Where you have set up many other Banks, Term Deposits and Brokers, the processing time may increase.

As soon as we have completed the Data Review Process, we will contact you via the Client Portal Inbox.

+ ESUPERFUND asked me to provide further information regarding Data, what should I do?

We advise that the additional information we require from you regarding your SMSF's data is detailed on the "Action Required" page of the 2019 Online Checklist.  To access the "Action Required" page, please click here to login to your Client Portal.  Please open the 2019 Online Checklist by clicking "View Checklist" and then click the "Action Required" tab (the last tab under the "Data Collection" section).

Please provide the requested information via the "Action Required" page.   You will not be able to proceed to the remaining parts of the Checklist until you have provided the additional information.

+ How can I improve the processing time of the Data Review Process?

Here are some tips to avoid delays:

  • Please provide the official statements issued by the Financial Institutions.
  • Please provide the official statements covering the transactions for the entire Financial Year (1 July 2018 / Opening Date ~ 30 June 2019 / Closing Date).
  • The statement should clearly show the owner of the account (i.e.  the name of your SMSF).
  • If you are not sure what documentation is required, please refer to the sample document available on the relevant page of the Online Checklist.

Section Two: All Checklist Tabs Have Been Completed

+ How do I make changes to the Online Checklist after submission?

We advise that you cannot amend the Checklist after its submission.  If you would like to make changes, please simply provide the updated information to our office via the "Action Required" function of the 2019 Online Checklist.

We will take note of the updated information when preparing the Annual Compliance Documentation for your SMSF.

+ What is the "Action Required" function?

We advise that the "Action Required" function enables you to upload additional information to your 2019 Online Checklist after its submission.

To use the "Action Required" function, please click here to login to your Client Portal. Please open the 2019 Online Checklist by clicking "View Checklist" and then click the "Action Required" tab.

+ What happens after I have submitted the Online Checklist?

Your file is placed in a queue in the order in which the Online Checklist is submitted until an accountant is assigned to your file.

The accountant will review the information and the supporting documentation provided by you in the Online Checklist.  You will be contacted via the Client Portal Inbox if further information is required and the information we require will be detailed on the "Action Required" tab of the Online Checklist.

After we have completed the Annual Compliance Documentation for your SMSF, you will be contacted to review and sign the Annual Compliance Documentation.

+ How long will it take to process my Annual Compliance Documentation?

Based on current planning levels, the average completion time is 3 to 4 months from the day you submit the Online Checklist depending on your Fund's circumstances.  However, if your Checklist is submitted in the peak season (September ~ October), the processing time may exceed 4 months due to the high amount of Checklists received during that time.

If you have not received any communication from our office in your Client Portal Inbox regarding the 2019 Annual Tax Return after 4 months since the Checklist Submission, please do not hesitate to contact our office.

+ How can I improve the processing time of my Annual Compliance Documentation?

To ensure that your Fund's Annual Compliance Documentation is processed as quickly as possible, please check your Fund's Client Portal Inbox regularly.  If we request further information on the "Action Required" tab of the Online Checklist, please provide the required information to our office as soon as it becomes available.

To ensure that you remain contactable at all times, please update your contact details through your client portal here every time you change your contact details.

Set up your SMSF with ESUPERFUND Today!