www.esuperfund.com.au

2018 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

To complete the above annual compliance requirements, ESUPERFUND receives electronic data from your SMSF Bank and Broker which were established by us.  Importantly we only have access to the data and cannot transact on your SMSF Bank or Broker Accounts.

ESUPERFUND has uploaded the data we received for your SMSF for the 2018 Financial Year into an Online Checklist for your review.  We advise that in order for us to complete the 2018 requirements for your Fund, we request that you review the Online Checklist and provide additional information where requested.

ESUPERFUND Takes Care of your SMSF Annual Compliance Requirements

On receipt of the 2018 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 2018 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 2018 Online Checklist:

1.  Collection of Data as the first Step via the new "Data Collection" Tab

This year, we will collect data from you as the first step of the 2018 Online Checklist under the new "Data Collection" tab.  The "Data Collection" step gathers data for your SMSF including Bank and Term Deposit transactions, Broker Trades and so on.

How does the "Data Collection" tab work?

Where you have used Banks, Term Deposits and Brokers set up by ESUPERFUND we will in most cases have all the data, therefore no additional data will be required from you.  Accordingly, you can proceed past the "Data Collection" tab to the other steps in the Checklist.  The other steps require you to identify the nature of the transactions and provide supporting documentation for audit purposes.

Where you have used Banks, Term Deposits and Brokers NOT set up by ESUPERFUND , additional data is required from you under the "Data Collection" tab.  Apart from the data, you also need to provide statements issued by the financial institutions to enable ESUPERFUND to verify the data.  Once you have completed the "Data Collection" tab, ESUPERFUND will review the information and notify you of the next step via the Client Portal Inbox.

Why does ESUPERFUND collect data first?

  • Having accurate date ensures that the information displayed in the remaining steps of the Checklist will be correct therefore avoiding unnecessary errors.
  • ESUPERFUND can generally identify most transactions based on the data collected from you via the "Data Collection" tab (e.g. cash transfers between SMSF bank accounts) and other information sourced from reliable third parties (e.g. payments to the ATO).  This means that less input is required from you when you complete the remaining steps of the Checklist since you only need to identify the transactions that ESUPERFUND is unable to auto-code.
  • As part of the "Data Collection" process, some of the documents have been collected (e.g. Bank Statements, Term Deposits Statements) and verified by ESUPERFUND in advance.  Accordingly, you will not be required to provide them again in the remaining steps of the Checklist.  In addition, ESUPERFUND does not need to verify them again when preparing the Annual Compliance Documentation for your SMSF.

The Data Collection Process will greatly reduce the input required from you in the remaining steps of the Checklist as well as improve the efficiency of the Annual Compliance Process.

2.  Much Easier to Code Transactions on the "Bank Transactions" Page

To help you to code the transactions on the "Bank Transactions" page more easily, a number of new features have been developed:

View incomplete transactions only.

To quickly identify the incomplete transactions that you need to code, you simply need to tick Incomplete Only and then only the incomplete transactions will be displayed.  To view all transactions, simply untick the checkbox.

What does each code mean?

To help you to choose the correct code, we have prepared a detailed description explaining the meaning and use of each code.  To read the instructions, simply move your mouse cursor to the code you want to select and then you will see the instructions.

Search a code using a keyword.

You can type a keyword in the "Type here to search" box and then you will see some code suggestions.  For example, if you type in "property", only the codes that are related to properties will be suggested to you.

ESUPERFUND auto-codes some transactions.

ESUPERFUND can generally identify most transactions based on the data collected from you via the "Data Collection" tab (e.g. cash transfers between SMSF bank accounts) and other information sourced from reliable third parties (e.g. payments to the ATO).

3.  Other New Features

What documentation is required by ESUPERFUND for audit purposes?

Providing the correct documentation is an important step to pass the Annual Audit Process.  Accordingly, we have added many Sample Documents at every step of the Checklist.  In addition, we have marked the minimum information required for audit purposes on the Sample Document.

Reduce the questions asked in the Online Checklist

We have reduced the number of questions you need to answer in the 2018 Online Checklist.  Where an answer can only be provided by the Trustees of the SMSF, we have summarised them on the "Audit" page.


 
 
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 2018 Online Checklist.  To access the "Action Required" page, please click here to login to your Client Portal.  Please open the 2018 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 2017 / Opening Date ~ 30 June 2018 / 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 2018 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 2018 Online Checklist after its submission.

To use the "Action Required" function, please click here to login to your Client Portal. Please open the 2018 Online Checklist by clicking "View Checklist" and then click the "Action Required" tab (the last tab after the “Submit” page). Please then follow the instructions provided on that page to upload documentation.

+ 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 2018 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.