Welcome to ESUPERFUND's October Newsletter.
In this issue, we address frequently asked questions regarding the 2019 Annual Checklist. We hope that this will provide further assistance to you when completing the Checklist. Next, we explain the process of receiving employer contributions and checking your superannuation details via MyGov. In addition, we inform you of some updates on the Investments, Bank & Term Deposits pages in your Client Portal. Finally, we remind you of the importance of the ownership and protection of your SMSF assets.
Client Services Manager
To assist you in completing the Annual Checklist, please refer to the below for some of our Frequently Asked Questions below:
If your SMSF has invested in Listed Trusts/Funds (e.g. ETFs) or Managed Funds during the Financial Year, you may be entitled to receive distributions. For distributions paid to the SMSF, the Listed Trusts/Funds and Managed Funds will most likely issue an Annual Tax Statement at the end of each Financial Year detailing the tax components of the distributions.
Therefore, if you do not hold the Annual Tax Statement, please contact the share registry for the Listed Trust/Fund or the Managed Fund provider to request the document.
However, if the document is not applicable (e.g. no Annual Tax Statement is issued), you may upload a document (in pdf format) to explain the reasons why the document is not applicable.
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" tab of the 2019 Annual Checklist by clicking on "Add Document".
We will take note of the updated information when preparing the Annual Compliance Documentation for your SMSF.
If your employer is paying Superannuation Guarantee Contributions and/or Salary Sacrifice Contributions to the SMSF, please ensure you have quoted "ESUPERFUND" as the Electronic Service Address (ESA).
By quoting ESUPERFUND as the ESA, our office receives the contributions details electronically and no document or information is required from you at the end of the Financial Year. This will greatly improve the efficiency of the annual compliance process.
Detailed information about how to provide the ESA to your employer can be found here.
You can now view the following information related to your superfund using the ATO online services through myGov:
We have recently made some updates to your Client Portal, allowing you to update your investments or transaction details for the current Financial Year (i.e. 2020 Financial Year). Any information provided by you during the Financial Year will be reflected in the 2020 Annual Checklist and therefore less input will be required from you at the end of the Financial Year.
Importantly, you will only be able to update the current Financial Year's investments or transactions details after you have completed and submitted the 2019 Annual Checklist.
You can code the transactions for the current Financial Year under the "Bank" tab. To add a new Bank Account or to add transactions for Bank Accounts not linked to our office, click on the 'Add/Edit/Delete Bank' button under the "Bank" tab to direct you to the 2020 Data Collection tab. Similarly, for Term Deposits, please click on the 'Add/Edit/Delete Term Deposit' button under the "Term Deposits" tab.
While running your own SMSF, it is important to ensure that the SMSF has clear ownership of its investment assets. You, as Trustee of the SMSF must ensure that all the SMSF assets are kept separately from Trustees’ personal assets. This means all SMSF assets (e.g. investment accounts, insurance policies) must be held in the name of either:
The assets can't be held in the name of a Trustee or a Member as an individual.
For more information, please visit the ATO website here.
Understanding the common administrative errors and avoiding the compliance mistakes will help to ensure your SMSF complies with the legal obligations. More information on the common Compliance Breaches can be found on our website here.
I have been with ESUPERFUND for just over ten years. The driving force for me was to take control of my investments and ESUPERFUND has given the framework to do this. From setup to annual compliance obligations it has been very straightforward and a perfect fit for my objectives.
ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715
General Advice Warning
No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not
provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND.
This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information
only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS
before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website.
While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances.
A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it.
It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.
Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to
setup a SMSF including an
ATO Supervisory Levy,
Company Trustee Setup Fee (where applicable), and