7 Easy Tips To Manage Business Activity Statements

Are you someone who is finding it difficult to manage super funds? Read this comprehensive blog to understand how easily you can manage them. Let’s face it, managing Self-Managed Super Fund (SMSF) requires meticulous record-keeping in order to comply with Australian tax regulations. If you don’t keep accurate and organised records, the success of SMSF is going to be in danger! So we decided to share you with some key points which can help you manage your SMSF. 

1. Establish A Structured Record-Keeping System

Now this is something which you should do well before the start. Establish a structured system to maintain proper SMSF records. Create a dedicated filing system to store all relevant documents, such as financial statements, member contributions, investment details, and compliance records. Make sure you have both physical and digital components that allow easy retrieval and safekeeping. For this, you can also consider using electronic platforms or cloud-based tools to store and organise electronic records easily. 

2. Keep Comprehensive Financial Statements

Ensure to have accurate and up-to-date financial statements. These are fundamental for tracking the financial health of your SMSF. So you have to maintain records of income and expenses, including bank statements, dividend statements, rental income, and capital gains. Also, you have to regularly reconcile these records to ensure their accuracy. Plus, document any changes in fund assets, such as purchases or disposals of investments. By doing so, it will assist you in preparing the annual return and provide a clear overview of the fund’s financial position. 

3. Document Member Contributions And Benefit Payments

Record and document all member contributions and benefit payments made within your SMSF. Ensure to maintain a record of each member’s contributions, including personal contributions, employer contributions, and salary sacrifice amounts. This is crucial to accurately attribute these contributions to the respective member accounts. Along with this, document any benefit payment made to members, such as pension or lump sum payments. 

4. Maintain Investment Records

To ensure easy compliance, you have to properly document SMSF investments. Maintain records of all investment transactions, including purchase contracts, sales agreements, and income earned from investments. It is important to accurately record the market value of each investment at the end of each financial year. Additionally, maintain records of any limited recourse borrowing arrangements as well if your fund has invested in property or other assets using borrowed funds. 

5. Preserve Compliance And Audit Records

SMSFs are also subject to audits to ensure compliance with regulatory requirements. So it is best to maintain records that specify compliance with superannuation and tax laws. Keep a record of all fund-related correspondence, trustee minutes, and annual returns lodged. Also make sure to document any changes in trustee structure, investment strategies, or fund governing rules. 

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