The ongoing maintenance of a DIY fund covers:
Accounts preparation Each year a set of financial accounts needs
to be prepared for your DIY Super Fund, detailing assets, liabilities and net
income generated by your DIY Super Fund. Audit of the fund An auditor must be appointed for the fund
and the auditor must certify that the fund has complied with the SIS Act and
Regulations with regard to your DIY Super Funds. Taxation return Each year an income tax return must be prepared
for the fund, detailing the assessable income and allowable deductions. As from
the 1999/2000 income year, DIY Super Funds are to lodge a single return which
acts as both the taxation return and annual return. Members' statement Members' statements must be prepared annually
calculating the withdrawal benefit at year end or up to the date when a member
ceases to be a member of the fund (known as an exit statement). We perform the following functions for you
to ensure that your DIY Super Fund remains a complying Super Fund.
- Accounts preparation
- Operating Statement
- Statement of Financial Position
- Notes to the accounts
- Valuation of Assets on 30th June (Trustee has to provide valuation of unlisted investments)
- Member Account balance
- Audit of Accounts by an Independent auditor
- Income tax & Regulatory return of DIY Super Fund
- Member Contribution Statement (members have to provide us taxable income for Surcharge self assessing funds)
However we require trustees to keep DIY Super Fund records in a suitable manner to assist us in performing the above functions without undue inconvenience.
SIS Act also requires that the DIY Super Fund accounting records must be retained in Australia for a period of at least five years, commencing after the end of the financial year.
- interest earned;
- benefit payments;
- investment income;
- bank charges;
- payments of invoices; and
- receipt of contributions.
- number and nature of shares;
- dividend amounts; and
- franking details.
- number and nature of units in trusts;
- amounts of distributions; imputation amounts; and
- tax-free/deferred components.
- deductible or non-deductible;
- investment related (i.e. capitalised); and
- timing of payment.
- nature of rollover components; and
- amount of rollover.
- vouching existence of assets; and
- recording acquisitions and disposals.
We request all trustees to fax us the above items, which we require on monthly or regular intervals. Once we have processed the information, we email back a "pdf file" of the monthly accounts. Very soon we will issue a user name and password to trustees and would collect information on our website.
For annual audit and tax return preparation we request originals of all documents to be sent to us. After we have completed the income tax return and all the related schedules, we will mail a bound copy of financial statements along with a copy for signatures. All queries are solved over the phone or by personal visits to our office.