SMSF Health Check

Whether your SMSF balance is considerably less than $500,000 or just below this number, it's important to weigh up the operating costs of your self managed super fund against your returns. According to ASIC, SMSFs with balances below $500,000 have lower returns after expenses and tax, and will often be uncompetitive, compared to APRA-regulated funds. If your SMSF balance is below this threshold and you're still paying for professional administration of your SMSF, it's a good idea to discuss this with your advisor.

Your SMSF balance may be around the $500,000 mark. This is an important threshold to consider, because according to ASIC, SMSFs with balances below $500,000 have lower returns after expenses and tax, and will often be uncompetitive, compared to APRA-regulated funds, due to the costs associated with managing an SMSF. Ensure you discuss this balance with your advisor.

Great, your SMSF balance is above $500,000. This is an important threshold to consider, as according to ASIC, SMSFs with balances below $500,000 have lower returns after expenses and tax, and will often be uncompetitive, compared to APRA-regulated funds, due to the costs involved in managing an SMSF. Your SMSF balance is healthy - what are you doing to maximise your returns?

As the saying goes, "A goal without a plan is just a wish." If you know what kind of lifestyle you wish to lead when you retire, it's essential that you know how much superannuation this lifestyle will require. But it's not too late to put a plan in motion - speak to your financial advisor and get on top of your super as soon as possible.

You may have a ballpark figure in mind, but maybe you're not sure what it will take to reach it or whether you're accounting for everything. Schedule a check in with your financial advisor to ensure you're on track to reach your retirement goals.

Nice work, it's important to have a figure to work towards that will deliver the kind of retirement lifestyle you desire. It's even more important to have a realistic strategy to work towards that figure. Ask yourself, what could you be doing today, this month and this year to get you one step closer to the retirement you deserve?

You might be feeling like you're falling behind, or that your dream retirement is slipping out of reach. Don't worry - whether you're in your accumulation or pension stage, there's always an opportunity to make a positive change. Speak to your advisor about your retirement goals and map out a plan of attack to get you back on track.

When it comes to your super balance, you feel like there's some room to improve. Take this opportunity to reassess your retirement goals and think about whether your current actions are helping you reach them. You might find that you need to move the goalposts slightly, ramp up your savings, or adjust your asset allocation.

Awesome, that's got to feel good! A healthy super balance that aligns with your retirement goals is a fantastic achievement. Take this opportunity to reassess your retirement goals - you might find that your healthy super balance can allow you to boost charitable giving, purchase another investment property or set more aside for your children.

You may not have the capacity to contribute additional funds to your SMSF at this time. It's important not to rest on your laurels when it comes to superannuation, and ensure you're taking full advantage of additional tax-effective contributions. Consider marking a date in your calendar when you'd like to be ready to make additional contributions to your SMSF.

You might have a little left over that you can contribute to your SMSF. Take this opportunity to speak with your advisor about how to take advantage of tax-effective additional super contributions, and how best to use these additional funds within your portfolio.

Great, making additional contributions to your SMSF can supercharge your super balance. Make sure you're taking full advantage of tax-effective additional contributions and speak with your advisor about where you might allocate these funds within your portfolio.

Managing an SMSF takes time, money and substantial financial and legal knowledge. For these reasons, most SMSF members get the help of licensed and trusted professionals to manage their fund administration and reporting. If you feel that you're lacking these skills or can't dedicate the time required to manage your fund, it's highly advisable to outsource this to a licensed and trusted financial professional.

Managing an SMSF takes time, money and substantial financial and legal knowledge. For these reasons, most SMSF members get the help of licensed and trusted professionals to manage their fund administration and reporting. If you feel that you might be able to manage your fund yourself, make sure you fully comprehend the time it takes and the penalties for non-compliance.

Managing an SMSF takes time, money and substantial financial and legal knowledge. For these reasons, most SMSF members get the help of licensed and trusted professionals to manage their fund administration and reporting. If you're tackling the management of your SMSF yourself, make sure you're aware of your responsibilities and understand the penalties for non-compliance.

If you feel overwhelmed by your SMSF obligations or you're unhappy with its management, it's important to take action at once. The penalties for non-compliant SMSFs can be severe, so speak to an advisor who can get you back on track. If you need assistance, we're here to help. Ulton has a great depth of experience in the management and optimisation of SMSFs.

Your SMSF is feeling mostly in control, but if there's any doubt lingering, it's important to double check. There are a lot of moving parts when it comes to SMSF management and reporting, and the penalties for non-compliance can be severe. Take this opportunity to check in with your advisor on the health of your SMSF.

Well done, you've got complete confidence in the management and reporting of your SMSF. As you know, the penalties for a non-compliant SMSF can be severe, which is why it's important you fulfill these obligations and stay abreast of legislation changes. If you'd like a second opinion on your SMSF's management, reporting and performance, we're here to help.

From member insurance and investment strategy to reporting and compliance, SMSF trustees have a variety of obligations and it's essential that you meet them. If you're not confident that you're currently doing so, now is the time to speak to your advisor.

For the most part, you feel that you're meeting the many obligations relating to your SMSF. However in the eyes of the ATO, ignorance is no excuse for non-compliance. Take this opportunity to check in with your advisor to ensure you're meeting your obligations.

Nice work, meeting all of your SMSF trustee obligations isn't easy but you've got it covered. Ensure you stay abreast of legislative changes to remain compliant.

The ATO has a long list of penalties up their sleeves to address non-compliant SMSFs. These range from educational directives to ensure trustees study up to avoid future missteps, to more serious financial and even criminal penalties. Speak with your advisor about the importance of proper SMSF management and the risks of non-compliance.

As you know, the ATO has a long list of penalties up their sleeves to address non-compliant SMSFs. These range from educational directives to ensure trustees study up to avoid future missteps, to more serious financial and even criminal penalties. You might be familiar with many of these penalties, but there could be a few you're unaware of. Speak with your advisor about the importance of proper SMSF management and the risks of non-compliance.

Great, you're confident you understand the risks of non-compliance and work hard to ensure proper management of your SMSF. As you know, the ATO has a long list of penalties up their sleeves to address non-compliant SMSFs. Take this opportunity to refresh yourself on these penalties because prevention is better than cure.

If you have an SMSF, it's your responsibility to ensure that an auditor registered with ASIC conducts an audit of your fund each year. The independent auditors will ensure your fund complies with SMSF rules. If you don't have a registered auditor, take action immediately. We can help.

If you have an SMSF, it's your responsibility to ensure that an auditor registered with ASIC conducts an audit of your fund each year to check if your fund complies with SMSF rules. If you're unsure whether you have a registered auditor, take action now. Check with your auditor or contact Ulton today.

Good, an annual audit by an ASIC-registered auditor is a fundamental requirement of managing an SMSF. If you're interested in learning how Ulton can help in the management and reporting of your SMSF, get in touch with us today. We're here to help.

The ATO introduced event-based reporting (EBR) in 2018 and it's essential that your SMSF is satisfying these reporting rules. Take this opportunity to speak to your advisor about your EBR obligations, such as reporting to the ATO when a trustee commences a retirement phase income stream.

For the most part, you think your SMSF is satisfying the ATO's events-based reporting (EBR) requirements. If you have lingering doubt, take this opportunity to speak to your advisor about your EBR obligations and refresh yourself on the ATO website.

Well done, you're confident that your SMSF is satisfying your events-based reporting (EBR) requirements, and reporting to the ATO the events that affect a member's transfer balance account.

Staying on top of your SMSF's performance is essential to ensuring you're on track to reach your retirement goals. After all, why else would you invest your time and money in managing your SMSF each year? Take this opportunity to speak with your advisor about the performance of your SMSF compared to retail funds, and start a discussion around the asset classes that may deliver greater returns.

You may have a general idea of your SMSF's performance, but you're not 100% clear on how this compares to retail funds. Take this opportunity to speak with your advisor about the performance of your SMSF, and start a conversation about how you can improve returns over the short and long term.

Awesome! You've got a clear picture of how your SMSF is performing compared to retail funds, and hopefully the numbers are looking good. What else can you do to supercharge your super balance?

When it comes to measuring performance, reviewing your insurances and comparing your SMSF fees, you've got definite room for improvement. To perform at their best, SMSFs can't be a "set and forget" asset. Take this opportunity to contact your advisor for an SMSF health check. If you're interested in talking to our team about getting more from your SMSF, we're here to help.

You occasionally check the performance of your fund, review your insurance and your fees, however there's room for improvement. If you don't already, set yourself some key dates throughout the year to give yourself an SMSF health check.

Nice work, you regularly check your SMSF performance, review your insurances and your fees. Gathering this information is great, but it's what you do with it that will make all the difference.

For many people, having access to a range of alternative asset classes is one of the most attractive parts of operating an SMSF. If you don't know exactly where your funds are allocated, speak with your advisor.

You have a general idea of the asset classes you're invested in, but you're not 100% clear on your portfolio. Take this opportunity to discuss your asset allocation with your advisor and reassess whether this portfolio is optimised for your investing runway and retirement goals.

Great, you've got a comprehensive understanding of your asset allocation and ideally know the performance of each asset class in recent years. If you feel you'd like to make significant changes to your portfolio, remember to speak to an experienced advisor before making your move.

The ATO requires all SMSFs to have a documented investment strategy that is specific to your circumstances and retirement goals. If your investment strategy isn't fit for purpose, speak to an experienced advisor right away.

You may have an SMSF investment strategy, but you're not completely confident it's right for you or fit for purpose. Review the ATO guidelines and speak to your advisor about documenting an investment strategy that is specific to your circumstances and retirement goals.

Awesome, you've got a documented SMSF investment strategy that is unique to your circumstances and retirement goals. Remember that the ATO advises your strategy shouldn't be a "set and forget" document. Review it regularly and ensure it continues to meet the needs of your fund members.

Your SMSF asset allocation should be a direct product of your life stage, risk appetite and retirement goals. If you don't feel like this is the case, it's time to speak to your advisor.

Your SMSF asset allocation should be a direct product of your life stage, risk appetite and retirement goals. When it comes to your asset allocation, you feel it's mostly in-line with these elements, but there may be some room for improvement. Take this opportunity to speak with your advisor about how to ensure your investments are aligned with these critical factors.

Well done, your SMSF investments are strategically aligned with your life stage, risk appetite and retirement goals. Remember that as you age and your goals change, your investment allocation might need to change to reflect this.