As trustee you have administrative and reporting obligations you must meet.

Each fund is unique so reporting obligations may vary.

Your key obligations are to:

• understand how SMSF income is taxed
• value your fund’s assets and prepare your financial statements
• arrange and receive an SMSF audit each income year
• lodge the SMSF annual return
• meet PAYG obligations
• report transfer balance cap events
• keep records
• notify the ATO of any changes.

Lodgment of the annual return is the most essential compliance obligation. You need to lodge an SMSF annual return with the ATO each year to report:

• income tax
• super regulatory information
• member contributions.

You should allow plenty of time to meet these obligations and ensure you lodge on time to avoid:

• being removed from Super Fund Lookup, or
• receiving financial penalties.

For more information, see administering and reporting on the ATO  website.