2020 Annual Compliance Procedure

If your SMSF has acquired or sold Unlisted Managed Funds (e.g. using providers such as Colonial, Perpetual, Vanguard etc) details will be requested later in the Coding section of the Checklist and no information is required from you in the Data Collection step.

If your SMSF has acquired or sold Listed managed funds using the mFunds Service with a broker, the Broker and trades details are required to be provided under the “Australian Shares” tab of the Data Collection step. If the Listed Managed Funds were traded via the EBROKING mFunds service, the trades are automatically listed on the “Australian Shares” tab and no further information is required from you.

We advise that the additional information we require from you regarding your SMSF's data is detailed on the "Action Required" page of the 2020 Online Checklist. To access the "Action Required" page, please click here to login to your Client Portal. Please open the 2020 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.

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 2019 / Opening Date ~ 30 June 2020 / 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.

Please code the amount paid as "Split into multiple codes" to break down the transactions as follows:

Please note that the deposit received in the SMSF’s bank account subsequently for the scaleback refund should also be coded as "Reversal of Transaction".

If you have withdrawn from your SMSF under the early release of superannuation due to COVID-19, please code the withdrawal amount as "Pensions & Withdrawals" and select "Lump Sum" as the withdrawal type.

When you proceed to the “Withdrawals” step of the Checklist, you will be required to upload a copy of the ATO approval letter for audit purposes if you do not meet a general condition of release yet (i.e. you have not reached your preservation age; you have reached your preservation age but are still aged under 65 and not retired).

Property Purchase: Please code the payments made for the purchase of the property (i.e. deposit and settlement payments) as "Investment Purchase (incl. Corporate Actions)" and select "Property" as the Investment Type. Please click on "Add" to add the property type and property address details.

Property Expenses: For all expenses incurred in relation to the property, the amounts should be coded as "Property Expense (incl. GST)".

If the property was purchased in the 2020 Financial Year, please ensure you have coded the property purchase transactions first.

Rental Income: Please code the amount received as "Rent from Property or Other Assets (incl. GST)". Where the property was rented via a real estate agent, you will be required to provide the monthly rental income and expenditure statement detailing the gross rental income and expenses incurred.

Step 1: Please click the "Sign/Edit File" button under the "Upload" Column to open the document/minutes on your screen.

Step 2: Please enter the meeting venue, meeting date and Trustees who attended the meeting in the table provided at the top of the document.

Step 3: Please review all parts of the Minutes document and provide further information where required:

• Select "Yes/No" to confirm whether you agree/disagree with the information prefilled into the minutes;
• Provide detailed information relevant to your SMSF’s circumstances in the text boxes.

Step 4: To sign digitally, please identify yourself from the Trustee/Director dropdown list and then tick the checkbox. Where your SMSF has more than one Trustee/Director, you can use the “Save as draft” function to save the information if all the Trustees /Directors cannot sign at the same time.

Step 5: Once all fields have been completed, please click the "Submit" button to submit the completed minutes. Please note that if some fields are still incomplete, you will not be able to submit the document.

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.