There are some compulsory transactions that you have to make from your SMSF bank account depending on your situation. Supervision SMSF do not dictate the amount you contribute to your SMSF each year.
Supervision will deduct its fees from your account on a monthly basis, so this may be considered a compulsory transaction from your SMSF cash account. If you do not have enough cash to cover your fees, you will be required to contribute to your SMSF so it can meet its obligations. It is the Trustees responsibilities to make sure your SMSF has enough cash to meet its obligations at all times.
If your SMSF is in a taxable position (i.e. you do not receive a refund) your tax bill will include the ATO Supervisory Levy. This levy is issued by the ATO on all SMSF’s regardless of the accountant or administrator you use. If your SMSF is due a tax refund, the refund will be reduced by the levy. We do not quote the Levy on our website due to changes to the Levy and also the complex nature of how much is payable. To help out we provide a link to the ATO’s levy page.
Here are the other times your SMSF will need to create transactions: