Business News

Law firm launches trustee compliance checklist

Specialist legal firm SMSF Law has launched a highly detailed compliance checklist for SMSF trustees.

The Compliance Checklist for Trustees of SMSFs was made available to trustees in May to help them with their compliance procedures in the lead-up to the end of the financial year.

More specifically, the facility has been designed to help ensure SMSF trustees meet their compliance obligations that will result in a year-end audit without contraventions. In turn, use of the checklist should also ensure the lodgement of a correct annual return for the trustee’s fund as well as an accurate income tax return.

The product is aimed at assisting individuals who have already established an SMSF and not those superannuants who are in the process of setting one up.

While it is detailed in nature and covers off the key Australian Taxation Office regulations, it is not supposed to be seen as comprehensive in nature and is not a substitute for seeking specialist financial advice.

SMSF Law managing director Shane Ellis told selfmanagedsuper the list was conceived during a meeting with an existing client.

“It came together when I was doing some work with a client and we realised what we were doing formed a pretty good backbone for a trustee compliance checklist,” Ellis said.

“From there I developed the idea further and sought the approval of a senior auditor to confirm it was accurate and up to speed for everyone to be able to use. He confirmed it was very good and it developed from there.”

Even though the checklist was designed as a tool for SMSF trustees, he said it would be applicable for advisers to adopt to help their clients.

“It wouldn’t hurt advisers if they wanted to use it too, as the checklist is pretty comprehensive,” he said.

Although applicable for advisers, he admitted he had not approached any dealer groups about using the product.

The checklist is available via the SMSF Law website.

Ellis said his organisation would review the offering on a yearly basis to ensure the information it contained was always current.

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