Compulsory Transactions

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   We do not quote the Levy on our website due to changes to the Levy and also the complex nature of how much is payable.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:

Main Compulsory SMSF Transactions

Investment Purchases

When your SMSF buys an investment it must pay for it using SMSF cash reserves.

Paying Pensions

You must pay pensions at least once a year to claim tax free income.

Paying Tax

All tax payments, PAYG or Year end Returns must be paid from your SMSF.

Other Expenses

Any Accounting, Administration or Audit Fees should be paid from your SMSF each year.

ATO Supervisory Levy

The ATO issues a levy to all SMSF’s each year.  The amount is different, please read here for more details.

Talk with an SMSF Expert

Supervision are here to help, so if you need our help to get started or you need ongoing support – Call today 1800 693 863