About the SMSF - Minute to Approve Financial Statements

Fully compliant with 1 July 2007 Commonwealth legislation being the "Plan to Simplify and Streamline Superannuation"


Approving the Financial Statements

What is a SMSF?

A SMSF is a Self Managed Superannuation Fund. This is a Superannuation Fund that you operate and run by yourself. A SMSF consists of 1 to 4 members. All of the members are trustees of the fund. Even though you run your SMSF yourself, you will need to have an Accountant and an Adviser to help you.

Why do I need these Minutes?

It is Best Practice to have your financials formally approved by the Trustees. These Minutes achieve that. They are in line with the ATO's desire for proper compliance. When everything is done correctly the ATO is more likely to leave you alone.

WARNING

If you fail to keep a record of Minutes the Tax Office may state your fund is non-complying. A non compliant fund is not entitled to any tax concessions and is taxed at the highest marginal tax rate.