SMSF checklists

• considered appointing professionals to help you set up your SMSF?

YES/NO

• chosen individual trustees or a corporate trustee?

YES/NO

• appointed your trustees or directors?

YES/NO

• created the trust and trust deed?

YES/NO

• checked your fund is an Australian super fund? 

YES/NO

• registered your fund?

YES/NO

• set up a bank account?

YES/NO

• got an electronic service address?

YES/NO

• prepared an exit strategy?

YES/NO

• prepared an investment strategy?

YES/NO

• considered all circumstances of the fund, including risk, diversity, liquidity and member’s circumstances?

YES/NO

• considered insurance for members?

YES/NO

• confirmed all fund investments comply with the super laws and are allowed under the trust deed?

YES/NO

• made provision to regularly review the investment strategy?

YES/NO

• documented any decision about the investment strategy?

YES/NO

• valued the funds’ assets at their market value at 30 June?

YES/NO

• paid any minimum annual income stream payments required under super laws?

YES/NO

• obtained an actuarial certificate if required?

YES/NO

• prepared the fund’s end of year financial accounts and statements?

YES/NO

• appointed an approved SMSF auditor not more than 45 days before the SMSF annual return is due?

YES/NO

• lodged your SMSF annual return by the due date?

YES/NO

• lodged your transfer balance account reports if required?

YES/NO

• reviewed the fund’s investment strategy and documented the review?

YES/NO

• maintained all fund records as required under super laws?

YES/NO

• the fund has an investment strategy that is regularly reviewed?

YES/NO

• all fund money and assets are held separately from money and assets held by trustees or directors personally or by a related employer?

YES/NO

• all fund investments comply with the super laws?

YES/NO

• all contributions and rollovers received by the fund are allowed under the super laws?

YES/NO

• all benefit payments made by the fund have been made in accordance with the super laws?

YES/NO

• the proper and accurate records have been maintained for required timeframes? 

YES/NO

• that any changes to your SMSF's details such as the bank account, electronic service addresses, contact details and member details are reported to us

YES/NO

• engaged a SMSF messaging provider offering SuperStream rollover services and obtained their electronic service address?

YES/NO

• obtained an Australian business number for your SMSF?

YES/NO

• recorded your SMSF's unique bank account for superannuation payment with us?

YES/NO

• ensured up-to-date details for your SMSF and the member are recorded with us?

YES/NO

• ensured the details you provide to your transferring fund exactly match those held by us?

YES/NO

• ensured the details held with the transferring and receiving funds match?

YES/NO

• ensured your fund is a 'complying' or 'registered' fund on Super Fund Lookup

YES/NO

• contacted your FROM fund to confirm they have all the required documentation to verify your identity and the payment destination?

YES/NO

• engaged a SMSF messaging provider offering SuperStream rollover services and obtained their electronic service address?

YES/NO

• use the SMSFmemberTICK system to validate the member's TFN?

YES/NO

• use the SMSF Verification Service to verify fund and member details when rolling to another SMSF?

YES/NO

• obtain an Australian business number for your SMSF?

YES/NO

• use the Fund Validation Service to obtain the receiving fund's details when rolling to an APRA regulated fund?

YES/NO

• ensure the details held with the transferring and receiving funds match?

YES/NO

• ensure you have liquified assets to enable payment of the rollovers?

YES/NO

• contact your financial institution to confirm your transfer limit is sufficient to enable payment of the rollover?

YES/NO

• send the electronic rollover message via SuperStream no later than three business days after receiving all the information required to process the request?

YES/NO

• make a single rollover payment to the receiving fund at the same time as the SuperStream message?

YES/NO

• ensure the payment reference number on your rollover payment matches exactly with that on your SuperStream message?

YES/NO

• considered getting advice from an SMSF professional?

YES/NO

• checked your SMSF trust deed allows the payment of the income stream?

YES/NO

• confirmed the member has met a condition of release?

YES/NO

• obtained an actuarial certificate if required?

YES/NO

• valued the assets that support the income stream at market value?

YES/NO

• determined the minimum annual payment required under super law (and the maximum annual amount for a transition to retirement income stream)?

YES/NO

• registered for PAYG withholding if required?

YES/NO

• determined your event-based reporting timeframe if required?

YES/NO

• checked the trust deed for information on winding up the fund?

YES/NO

• paid out or rolled over all your super benefits using SuperStream (leaving a sufficient amount to pay final tax or expenses if required)?

YES/NO

• appointed an approved SMSF auditor to complete the final audit?

YES/NO

• completed and lodged the final SMSF annual return (including wind up details)?

YES/NO

• lodged your transfer balance account report if required?

YES/NO

• paid any outstanding tax?

YES/NO

• rolled any remaining refund resulting from the final SMSF annual return to a complying fund via SuperStream? (You must ensure you make the rollover via SuperStream immediately after receiving the refund. Failure to do so may result in downstream impacts).

YES/NO

• closed the fund’s bank account after the ATO confirms the fund’s ABN is cancelled?

YES/NO