As Trustee(s) of the SMSF, you are responsible for keeping proper and accurate tax and super records. We may request these documents and data from you via the Annual Checklist to enable us to prepare the annual compliance documents for the SMSF.
To assist you with the above, we have detailed below the documents we will request from you for some common investments and transactions.
Bank and Savings Account
If the SMSF's Bank or Savings account is linked to our office, the account will show as “Automatic” data feed in the Client Portal and no Bank Statements or data is required from you as we already have the data.
However, for other Bank or Savings account not linked to our office, you will need to provide the following to us via the Checklist:
- Bank Statements detailing the account name, account number and all transactions that occur from 1 July/Opening Date to 30 June/Closing Date.
- Electronic transactions data for transactions that occur from 1 July/Opening Date to 30 June/Closing Date in Excel or CSV format. Alternatively, you may manually add the transaction individually in the Checklist.
If the Bank or Savings account was closed during the Financial Year, we still require the Bank Statement and transactions data for the period from 1 July to Closing Date. Additionally, we may require a statement evidencing the closure of the account.
Term Deposit Account
If the SMSF's Term Deposit was established via our office, no Term Deposit statement or data is required from you.
However, if the Term Deposit was not established via our office, you will need to provide us the Term Deposit statements detailing the account name, account number, principal, investment date, maturity date and interest rate.
Shares
If the SMSF's Share Trading account was established via our office, no trades or holdings details are required from you as we already have the data.
However, if you have established other SMSF share trading account, data will not be accessible by us and you will need to provide the following to us via the Annual Checklist:
- Trades Statements issued by the broker detailing the account name, account number and all trades (i.e. Buy/Sell) that occur from 1 July/Opening Date to 30 June/Closing Date.
- Broker Settlement Statement issued by the broker detailing the account name, account number and all transactions that occur from 1 July/Opening Date to 30 June/Closing Date. This includes all trades settlement transactions, transfers made to or from the SMSF's bank account, and any fees incurred.
- Holdings Statements issued by the broker detailing the securities held, the number of units and their unit price/market value on 30 June. Alternatively, if the account was closed prior to 30 June, you may provide a document evidencing the closure of the account.
In addition to the above statements, you will also be required to import the trades and settlement account transactions in electronic format (i.e. Excel or CSV format) in the Checklist. Alternatively, you may add the trades or settlement transactions individually.
Forex/CFDs/Options
If the SMSF's Forex/CFDs/Options Trading account was established via our office, no trades or holdings details are required from you as we already have the data.
However, if you have established other SMSF trading accounts, data will not be accessible by us and you will need to provide the following to us via the Annual Checklist:
- Transaction Statements issued by the broker detailing the account name, account number and all activities (i.e. trades, deposits, withdrawals, etc.) that occur from 1 July/Opening Date to 30 June/Closing Date.
- Holdings Statements or open position statements issued by the broker showing the GLV or open position details on 30 June. Alternatively, if the account was closed prior to 30 June, you may provide a document evidencing the closure of the account.
Cryptocurrency
If the SMSF holds a Cryptocurrency Exchange Account
If the SMSF held a Cryptocurrency Exchange account at any point during the Financial Year, you will be required to provide the following documents:
- Trading History Statement issued by the broker detailing the account name, account number and all trades (e.g. Buy/Sell, coin swaps, staking) that occur from 1 July/Opening Date to 30 June/Closing Date.
- Cash Statement issued by the broker detailing the account name, account number and all fiat transactions that occur from 1 July/Opening Date to 30 June/Closing Date. This includes all trades settlement transactions, transfers made to or from the SMSF's bank account, and any fees incurred.
- Holdings Statement issued by the broker detailing the cryptocurrencies held, the number of units and their unit price/market value on 30 June. Alternatively, if the account was closed prior to 30 June, you may provide a document evidencing the closure of the account.
Additionally, you will need to manually add the trades data individually via the Annual Checklist.
If the SMSF holds a Cryptocurrency Wallet
If the SMSF has transferred the cryptocurrency initially purchased via an exchange to a private wallet, you will be required to provide the following documents:
- Print-outs / Screenshots / any documentation generated from the private wallet showing every crypto unit movement (e.g. crypto transfer in & out, staking rewards) that occur from 1 July/Opening Date to 30 June.
- Print-outs / Screenshots / any documentation generated from the private wallet such that our office could determine the cryptocurrencies held, the number of units and their unit price/market value on 30 June.
- Declaration of Trust confirming the wallet is owned by the SMSF, the amount of cryptocurrency stored on the wallet and that all cryptocurrency stored on the wallet is held by the SMSF. This Declaration of Trust document will be generated automatically when you complete the Annual Checklist.
Please note that documents generated from third-party providers (e.g. Koinly) alone are generally not sufficient for audit purposes.
Listed Managed Funds (mFunds)
If the SMSF has acquired or sold Listed Managed Funds using the EBROKING mFunds Service, ESUPERFUND receives the trades data automatically and no trades or holding information is required from you.
If the SMSF has acquired or sold Listed Managed Funds using the mFunds Service with a Broker other than EBROKING, you will need to provide the Broker details and provide the Broker trades, settlement and holding statements and electronic data to us.
Unlisted Managed Funds
If the SMSF has acquired or sold Unlisted Managed Funds (e.g. using providers such as Colonial, Perpetual, Vanguard etc), you will be required to provide the following documents:
- Transaction Statement detailing all transactions that occur from 1 July/Opening Date to 30 June/Closing Date.
- Distribution Statement for any distribution income received in the Financial Year.
- Holding Statement detailing the number of units held on 30 June and their market value.
- Annual Tax Statement providing a breakdown of the tax components for the distribution income for the Financial Year.
Collectables and Personal Use Assets
If the SMSF purchased Collectables or Personal Use Assets during the year, you will be required to provide the following in relation to the asset:
- Tax invoices in the name of the SMSF detailing the seller's information and ABN, invoice date, description of the items purchased and amount paid.
- Purchase Minutes
- Documentation evidencing that the collectables have been insured for the entire period (i.e. within 7 days of acquisition date to 30 June) in the name of the SMSF.
- Rental Agreement if the Collectables are leased.
- Tax Invoices in the name of the SMSF for any expenses incurred.
- Holdings Statement issued by the dealer or independent valuer evidencing the collectables unit holdings and market value on 30 June.
If the SMSF disposes of a collectable or personal use asset to a related party of the SMSF, the transaction must be at market price. Accordingly, you will also be required to provide a valuation document provided by a qualified independent valuer evidencing the market value as at the date of the transaction.
Property purchased during the Financial Year
If the property was purchased during the Financial Year, the following documents in relation to the property purchase will be required via the Annual Checklist:
Contract of Sales in the name of "Name of Trustees ATF Name of Superfund" if there was no borrowing involved.
If the property is purchased with borrowings, the contract of sales must be in the name of the Security Custodian Trust Trustee Company.
- Settlement Statement detailing the adjustment for the property settlement
- Stamp Duty Remittance
- Tax Invoices in the name of the SMSF or detailing the SMSF's property address for settlement related expenses. For example: solicitor's fees paid, building inspections, pest inspections.
- Purchase Minutes
- Depreciation Schedule prepared by a qualified quantity surveyor if you wish to claim depreciation on the property
If the property was purchased with borrowings, in addition to the documents listed above for property purchase with no borrowings, you will need to provide the following:
- Signed Bare Trust Deed
- Signed Loan Agreement
- Signed Guarantor Indemnity Waiver Document if the Loan has guarantors
- Post Settlement Letter from the lender
Annual Property Documentation Required
The following documents are required annually if your SMSF holds a property:
Income
1. Rental Agreement
The Rental Agreement is required for audit purposes and the agreement must cover the entire period the property is rented out. Therefore, if the lease was renewed during the Financial Year, you will also need to provide a copy of the renewed Rental Agreement.
2. Monthly Rental Income and Expenditure Statement for the rental received
If the property is leased via a real estate agent, we will require a copy of the monthly rental income and expenditure statement issued by the agent detailing the gross rental amount and the expenses incurred.
If the property is leased via online platforms such as Bookings, Airbnb, then we will require an official Annual Rent Summary issued by the platform evidencing the total rent earned in the Financial Year.
3. Annual Minutes
An annual minute is required to be completed in the Annual Checklist to confirm whether the property has any related party involvement. If no rental income was received during the Financial Year, a minute to explain the reasons will be requested.
4. Rental Appraisal (if applicable)
If the property was not leased via a real estate agent (e.g. managed by the Trustees themselves) or the tenant is a related party of the SMSF, then we will require documentation (e.g. property agent's rental estimation report) to evidence that the rent received is in accordance with market rates.
Expenses
For all expenses incurred during the Financial Year for the property, you will be required to provide a Tax Invoice issued in the name of the SMSF or detailing the address of the property.
Market Valuation:
SMSFs must report its assets value as at 30 June as part of the SMSF reporting requirements. The acceptable valuation document for the property depends on whether the property is a Residential property or a Commercial Property. Importantly, the valuation should be dated as close to 30 June as possible. Any valuation dated more than six months before 30 June will not satisfy the audit requirements.
Residential Property
The acceptable supporting documentation can include but is not limited to:
- Valuation report prepared by an online property valuation service provider (e.g. RP data) and dated close to 30 June;
- Valuation report prepared by a real estate agent and dated close to 30 June with details of comparable property sales data;
- Valuation report from an independent valuer and dated close to 30 June;
- Contract of sales if the purchase is recent and no events have occurred to the property that could materially impact its value since the purchase.
Commercial property
The acceptable supporting documentation can include but is not limited to:
- Valuation report prepared by a real estate agent and dated close to 30 June with details of comparable property sales data;
- Valuation report from an independent valuer and dated close to 30 June.
- Valuation obtained via a Net Income Yield approach. The document should include the rental income, capitalisation rate used and evidence supporting the chose rate (e.g. similar properties sold with known yields).
- Contract of sales if the purchase is recent and no events have occurred to the property that could materially impact its value since the purchase.
Loan Statements (if the property was purchased with Borrowing)
If the property was purchased with borrowing, we will require the property loan statements detailing the loan transactions (interest charges, fees, loan repayments) which occurred from 1 July to 30 June and evidencing the loan balance on 30 June.
Non-Investment Transactions
Detailed below are some common non-investment transactions and further information on the supporting documents we will require from you:
| Transaction Type |
Document Required |
| SMSF expenses |
Invoice issued in the name of the SMSF and detailing the following:
- The seller's information and ABN
- Invoice date and a brief description of the items/services purchased
- Amount paid
|
| ASIC fee |
Invoice issued by ASIC detailing the fee paid and evidencing that it relates to the Corporate Trustee Company or Bare Trust Company.
If you do not hold a copy of the document, you will need to contact ASIC directly.
|
| Member Insurance |
Insurance Policy Statement/Document detailing the following:
- Policy owner should clearly indicate the ownership of the SMSF
- Type of cover and member insured
- Premium amount or the total premium paid for the Financial Year
|
| Personal Concessional Contribution |
Personal concessional contributions refer to personal contributions made to the SMSF and on which a tax deduction is claimed in your personal tax return.
We will require the following documents:
- ATO Tax Deduction Form
- Confirmation of Receipt & Acceptance of Section 290-170 notice.
The notice will be generated automatically when you complete the Annual Checklist.
|
| Downsizer Contribution |
Downsizer contribution refer to contributions made from the proceeds of selling your home under the downsizer measure provided you meet the eligibility requirements.
If you have made a Downsizer contribution to the SMSF, we will require the Downsizer into Super form.
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When do I Provide the above Documents to ESUPERFUND?
The documents mentioned above should be retained by you as Trustees and only need be provided to ESUPERFUND after the Annual Checklist is released.
Before the release of the Annual Checklist, you may refer to the Document Checklist above to obtain and organise the necessary documentation for efficient uploading to the Annual Checklist.