SMSF News and Strategies Podcast Show · Chris Reed: Certified Practicing Accountant (CPA), FPS and SMSF Specialist Advisor, Director of Business Concepts Group

SMSF NS123 – SMSF compliance check for your fund

·23 min·1 clip

A mistaken payment from the SMSF account can become a member loan or early-access problem.

1. SMSF News and Strategies Podcast Show episode 123 is a compliance check for SMSF funds. 2. Chris Reid hosts and Sarah Power joins him as the regular co-presenter who explains practical SMSF administration points. 3. The episode is designed to identify common SMSF compliance errors, especially the ones backed by ATO data. 4. Chris Reid flags the 28 October due date for the first-quarter TBAR and says it is already overdue if not lodged. 5. He also notes that some SMSFs have a 31 October 2024 return deadline because of poor compliance history or multiple years overdue. 6. For new funds set up in the 2024 financial year, Chris Reid says the lodgement due date is 28 February. 7. The first major issue is keeping fund assets separate from personal assets and making sure every trustee is named on titles. 8. Chris Reid says a corporate trustee usually fixes many of the title problems that appear with individual trustees. 9. Sarah Power adds that bank accounts and trading accounts should also clearly show the SMSF designation. 10. The hosts then move to acquiring assets from related parties and say SMSFs generally cannot do it. 11. They name listed securities and business real property as the main exceptions. 12. The discussion warns that residential property usually will not satisfy the business real property rules. 13. Excess contributions are another problem, including excess employer contributions that a member did not control. 14. Chris Reid and Sarah Power say the ATO release authority process must be followed before any money comes out. 15. They explain that paying money out without that authority can trigger further compliance issues and tax questions. 16. Lending money to members is described as a common mistake, especially when a private expense is paid from the SMSF bank account. 17. The hosts say those errors should be rectified as soon as they are discovered, and that interest may need to be paid back to the fund. 18. The episode also covers diversification, investment strategy reviews, arm's-length related-party leases, and separate insurance for fund assets. 19. Chris Reid and Sarah Power use a practical, conversational format with repeated examples, reminders, and compliance warnings. 20. This episode suits SMSF trustees, advisers, and administrators who want a checklist of common breaches; it may suit listeners who want investment theory less.

As heard by us

A steady SMSF compliance review centered on the mistakes trustees actually make.

This episode stays tightly focused on the SMSF mistakes that tend to cause the most pain: contribution caps, excess contribution notices, member loans, private spending from the wrong account, and related-party transactions.

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Why you'd press play

Need a plain-English SMSF compliance check before making your next contribution?

Read the full recommendation in PlayNext →

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