In this guide
SMSF trustees have a lot on their plate. They need to keep up to date with the superannuation rules and review their investments regularly. There are annual returns to lodge, auditor reports to arrange and actuarial reports to book as well if your SMSF is paying a certain kind of pension.
There may be upcoming changes to legislation that need to be considered and may require trustee attention.
To help you with all this, we’ve put together the following calendar for 2024 that you can use as a guide. It includes due dates for important documents but also suggestions around when you might want to consider holding trustee meetings, reviewing your investment strategy and other important strategic issues for your SMSF.
SuperGuide members can download a printable PDF version of the calendar.
January 14
If you lodge your annual tax returns yourself, you need to appoint an auditor 45 days prior to the lodgement due date of 28 February, which is 14 January. If your fund has just started paying a pension, and there are members still in accumulation phase in the fund, you will also need an actuarial certificate with your annual return. A good time to start organising this certificate, to ensure it’s ready with your annual return, is at the same time you appoint your auditor.
Your fund will continue to need an actuarial certificate each year you have members in both retirement and accumulation phase if you are using the proportionate method to calculate exempt current pension income (ECPI) for tax purposes. As earnings on pension assets are tax free, ECPI is the proportion of the SMSF’s income that is tax free.
From 1 July 2022 there have been some changes to the way ECPI is calculated.. The ATO provides more information here.
January 28
Where any transfer balance event occurred between 1 October 2023 and 31 December 2023, you are required to report these events by lodging a transfer balance account report (TBAR) by this date.
These events include the start of a retirement phase income stream, ending a retirement phase income stream (reverting part or all of the pension to accumulation phase), or where a lump sum has been accessed from retirement phase.
Other events may be relevant for other members.
Read more about the transfer balance account reporting requirements for SMSFs.
Also note that SMSF trustees should have received all relevant super guarantee contributions for the period 1 October 2023 to 31 December 2023 for eligible fund members by this date.
January 31
If you’ve only had one trustee meeting this financial year, now is a good time to have another and to get into the practice of having at least six-monthly documented reviews of your SMSF.
It’s time to take stock of how the fund is performing and review your investment strategy. Also, consider reviewing the insurance needs of members. They may have experienced life events that could prompt a reconsideration of their life and TPD insurance in the SMSF.
If you didn’t do it earlier in the financial year, review your trust deed. It’s something that could do with at least an annual once-over as well. There may have been changes in legislation that could affect your deed. Perhaps you plan to take advantage of the new six-member rule to add more family members to your SMSF.
Or maybe you are looking at making a new type of investment that will require your trust deed to be updated. Are you considering purchasing a property in your SMSF at some point, for example, and does your trust deed permit this? And if you are considering cryptocurrency you may need to update your trust deed and your investment strategy.
Also, if a member is about to start a retirement phase pension your trust deed needs to allow the payment of the requested type of income stream.
