Accounting, Taxation, Cummings West, Tweed Heads South, Australia

Welcome to our first self managed superannuation fund newsletter for 2012.  Our aim is to keep you up to date with relevant issues and information regarding SMSF’s.

During our preparation and audit of the 2011 Superannuation Funds, we came across a few issues that need addressing. 

1                     Payment of Expenses:   We note that some payments are being made either from the business account or from member’s personal account.  All payments should be made from the SMSF bank account.  This would also include audit fees, payments to the ATO and ASIC fees.

2                     Receipts:   Only income and funds relevant to the SMSF are to be deposited into the SMSF bank account.

3                     Investments:  Please ensure that all investments are held in the FULL name of the SMSF including the trustee details.  Also ensure that if you have a corporate trustee, that the corporate trustee name is shown “as trustee for” the SMSF.  In some instances, some SMSF’s have inadvertently shown the member names as the trustees rather than the corporate trustee.

4                     Dividend and holding statements:  We understand that some people receive their dividend notices electronically.  The auditor requires printed copies so please print out any statements received electronically and include them with your SMSF working papers.

If you require any further advice or wish to discuss any SMSF issues, please feel free to give us a call.