Sunday 12 October 2008

Annual Self-Managed Super Fund Paperwork lodged

I finally got around to scanning all the paperwork from ANZ bank and Vanguard regarding our SMSF investments during 2007-8 and emailing a zip file (2MB) containing the 52 files to our SMSF administrator. does all the annual compliance, tax return and audit paperwork for a flat $699 annual fee, and they have electronic read-only access to most of our SMSF accounts. However, the Trustees (DW and myself) are supposed to lodge a "checklist" by 30 September to help in the preparation of the SMSF's tax return (due by 31 October). Because I'd been overseas on holiday during August and September, I only just got around to completing the "checklist". The only information that eSuperfund probably needs to complete the tax return was the spreadsheet detailing what each contribution into the SMSF bank account was for. Because DW and I work for the same employer and are both making "salary sacrifice" contributions into our SMSF, the monthly employer contributions for both DW and myself were deposited into the SMSF bank account in a single transaction each time. Hopefully I'll get a copy of the SMSF tax return to check before it is lodged with the ATO at the end of this month.

It will be interesting to see if the annual member statements provide any "annual return" calculations, or just opening and closing balances and total contributions and earnings for 2007-8 (negative of course!). It's been a pretty bad year for our retirement savings. We "rolled over" about $380,000 (combined) into our SMSF last year, but the current value is just over $300,000 despite 9% of our salary going into the fund via the Superannuation Guarantee Levy, plus additional contributions via "salary sacrifice". Ah well, I've still got another 20 years or so to rebuild our retirement nest egg. Hopefully the "High Growth" fund will perform well over the longer term, and we don't get laid off in the coming recession...

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