INCOME All Items Relate to Current Year

Superfund Checklist 2012

(Office Use)

Client Name: / Prepared by:
Accounting Year: / Checked by:
Date:
A / CLIENT DETAILS:
Have you checked with the appropriate person WHAT ENTITY you should INPUT YOUR TIME to in Timing & Billing.
- Superfund should be billed separately or
- The Employer Sponsor should be billed if they are to pay the bill.
Type of Fund:
(Complying Fund / Account Based Pension Fund / Non-Complying Fund)
Is the Corporate Structure Diagram complete and Accurate?
Has the Client changed address since last return lodged? If YES, provide current address details:
Business Address:
Postal Address:
Trustees:
(Corporate / Individual)
Telephone Number (Home):
Telephone Number (Work):
Email Address:
Prior Years’ Matters Considered:
Download from the Super Fund Lookup website a confirmation that the Fund is currently a Complying Fund (Print for working papers & save in your computer device) Link
Update Permanent Client File to Record Client Items of Permanent Significance:

B

INCOME – All Items Relate to Current Year

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
If your client is registered for GST ensure that all income and expenses are GST exclusive, except those input-taxed supplies & acquisitions
If your client is NOT registered for GST ensure that all income and expenses are GST inclusive
I1 / Contributions: Employer Contributions reconciled to Employer's Profit & Loss; Member Contributions reconciled to Member's Tax Return and Notice of Intent to claim Super Deduction. / I1
I2 / Savings banks, building societies, investments and term deposit accounts: Show total interest as at 30 June and provide bank statements / I2
I3 / Rental properties: Provide details of rental income received such as a rental statement - CHECK FOR BUILDING DEPRECIATION.
Review Rental/Lease agreement. / I3
I4 / Dividends Received: Franked / Unfranked - Please provide Dividend Statements / I4
I5 / Managed Funds Distributions Received: Trust Income, Distributed Capital Gains, Foreign Income, Tax Credits - Please provide Annual Tax Statement. / I5
I6 / Share Trading Statements: Provide details of shares purchased and sold, including dates of purchase and sale, quantity, prices of purchase and sale. Also include brokerage, opening and closing balances of shares held and dividend statements - SHARE INVESTORS REFER CAPITAL GAINS. / I6
I7 / Capital Gains:
- Provide details on any other shares, property or assets, acquired since 20 September 1985 and sold in the current year – to attach a Capital gains tax schedule if the total capital gain/loss is > $10,000.
- CGT event relates to a forestry managed investment scheme interest that held other than as an initial participant – to complete and attach a Capital gains tax schedule. / I7
I8 / Forestry managed Investment scheme Income: Obtain product/private ruling details. / I8
I9 / Other Income: Provide details. / I9

C

EXPENSES

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
E1 / Administration and Management Expenses: Provide summaries. / E1
E2 / Approved Auditor Fee: Provide summaries/Invoices. / E2
E3 / Investment Expenses: Provide summaries/Invoices. / E3
E4 / General / Sundry Expenses: To be avoided where possible.
Provide summary of main expenses / E4
E5 / Depreciation Schedule: A list of all business assets showing date
of purchase, description and purchase price. / E5
E6 / Legal Expenses: Provide details. / E6
E7 / Insurance: Confirm Claimable Expense.
(Name of the Policy holder should be the Superfund) / E7
E8 / Repairs and Maintenance: Briefly include any repairs and maintenance carried out on any business assets including rental property. Ensure no capital items are included. / / /

E8

E9 / Other Extraordinary Expenses: Give full details. / E9
/ / /

INCOME TAX CALCULATION STATEMENT

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:

Foreign tax credits: rebates/tax offsets

/ / /

Eligible credits: interest on early payments, franking credits, withholding tax credits.

/ / /

Supervisory levy paid: $180.00

/ / /

PAYG Instalments raised:

/ / /

LOSSES

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:

Tax losses carried forward to later income years:

/ / /

Net capital losses carried forward to later income years:

/ / /

F&G

MEMBER INFORMATION

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
M1 / Members’ all sourced contributions, including government co-contributions, CGT exemption amounts and transfer from reserve (if applicable). Reconcile to members balance sheet in financial report. / M1
M2 / Members’ outward amounts benefit payments, allocated earnings and rollover details. Reconcile to members balance sheet in financial report. / M2
M3 / Members’ Taxable and Tax Exempt components have been updated to reflect current year changes. / M3

BALANCE SHEET

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
A1 / Bank Reconciled? Attach reconciliation & Yearly Bank Statements and Bank Confirmation if required. / A1
A2 / Bonds, Deposits or Prepayments: Provide confirmation advice / A2
A3 / Residential / non residential properties at Market Value: Settlement sheet required for purchase. Details on special building write off if applicable. Provide evidence of Title. Confirm whether property is insured.
Check to see whether property needs to be revalued and whether this has taken place. / A3
A4 / Depreciation Schedule: Reconcile to Year End Accounts. Consider review of Depreciation Schedule with Clients. / A4
A5 / Shares and Investments at Market Value: Holding Statements. Listed shares - DRP recorded. / A5
A6 / Managed Funds at Market Value: Holding Statements. / A6
A7 / Unit Trust Investments at Market Value: Holding Statements.
Consider investment in related parties & reconcile to related entity. / A7
A8 / Artwork, collectible, metal or jewels at Market Value: Confirm where items are stored, whether items are insured, whether items satisfy the investment strategy.
For more information regarding collectables click here. / A8
A9 / Derivatives and instalment warrants at Market Value: Holding statements, ATO Product Ruling if applicable / A9
A10 / Loans and Borrowings:
Loan statements, documentation in relation to set up of loan and security over the loan.
For more information on limited recourse borrowings, click here. / A10
Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
CL1 / Sundry Creditors: An itemised list as at Year End. / CL1
CL2 / Accruals: An itemised list as at Year End. / CL2
CL3 / GST Collected: Reconciled to BAS / CL3
CL4 / GST Paid: Reconciled to BAS. / CL4
CL5 / PAYG Withholding: Reconcile to IAS and Pension Records.
To prepare PAYG Payment Summary if benefits are paid.
NB only applies to members under 60 years old / CL5
CL6 / Income Tax Provision: Detailed Worksheet including:

Tax provision and add backs.
Adjustments and Non Deductible expenses.

PAYG Instalments Paid, TFN Credits.

/ CL6
/ /

LTR

INCOME TAX RETURN

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
LTR1 / Review the input of Income (Item 10) and Expense (Item 11) information. Including the following:
Income

A Net Capital Gain
X Forestry Managed investment scheme interest
C Interest
J, K & L Dividend information
E Australian franking credits from a New Zealand company
D1 & D Foreign Income
B Gross Rent and other leasing/hiring income
R Contribution information
F Transfer from Foreign Funds
H Gross payments where ABN not quoted
I & M Distributions from Partnership and Trust
U Net non-arm’s length income (45% tax rate)
S Other Income
T Assessable income due to changed tax status of fund

Expenses

B Interest expenses within Australia
F Life & Disability Premiums
J Management/Administration Expenses
G Death benefit increase
H Approved Auditor Fee
I Investment Expenses
K Exempt current pension
U Forestry managed investment scheme deduction, refer to Section K for details on product/private ruling information
D&E Capital works & Depreciation
A interest expenses within Australia
M Tax losses deducted
L Other Deductions

/ LTR1
LTR2 / Review & Input financial and other information at Item 14. In particular:

14a Australian managed investments
14b Australian direct investments
14c Overseas direct investments
15 Liabilities information

/ LTR2
LTR3 / Review input of Calculation Statement to calculate Tax Payable/Refund including:

A Taxable income
B Gross Tax
C Rebates, offsets, foreign credits
E S102AAM interest charge
F Eligible credits
G PAYG Instalments – Verify ledger amounts with ATO via Tax Agent Portal
H Supervisory levy

NB: Ensure this reconciles to Provision for Tax workpaper / LTR3
Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
LTR4 / Review input of Member Information

A Employer contributions
A1 ABN of principal employer
B Personal contributions
C & D CGT Small business concession exemption amounts
E Personal injury election
F Spouse and child contributions
G Other family and friend contributions
H Direct termination payments (taxable component only)
I & J Assessable/Non-assessable foreign super fund amount
K & L Assessable/Non-assessable amount transfer from reserve
M Government Co-contribution
O Allocated earnings or losses
P & Q Inward/Outward rollover amounts
R Benefit payments and code
S Closing Account Balance

* Deceased member information to be filled in supplementary of section G. / LTR4
LTR5 / Review input of Regulatory Information in Section J

In-house and related party assets?
Provide financial assistance or lend money to member(s) or relative of a member of the fund?
Receive in specie contributions?
Maintain all investments on an arms length basis?
Borrowing for purposes that are not permissible?
Personal use of assets before retirement?
Provide money to members without conditions of release being met?
Trustee receives remuneration for their services as a trustee?
Are any trustees or directors currently disqualifies person as defined by SISA?
All assets appropriately documented as owned by the fund?
SMSF carries on a business of selling goods or services?
Does auditor provide services as either a tax agent, accountant or financial advisor?

/ LTR5
LTR6 / Taxation of Financial Arrangements (TOFA) – Section I

16G Did you make a gain or loss, or have a transitional balancing adjustment from those financial arrangements?
16H Total TOFA gains
16I Total TOFA losses
16J TOFA transitional balancing adjustments

/ LTR6
/

OTHER MATTERS TO BE CONSIDERED

/ / / Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
Trust Deed

When the trust deed was last updated?
Does the trust deed allow for government co-contributions?
Does the trust deed allow for changes in the Simpler Super Legislation?

Real Estate

Does the Fund have legal title of property?
Land tax implications to be considered.

Insurance

Check adequate insurance cover.
General insurance including fire & theft.
Do members have a will (estate planning)?
Do members have life and TPD insurance policies within the SMSF? For more information on these types of insurance policies and their deductibility, click here.

Fund in Pension Phase

Is the pension reversionary?
Ensure capital gains and losses are treated correctly if the fund is fully in pension phase. For more information, click here.
Has member been informed of minimum and maximum pensions for following financial year?

OTHER MATTERS
i.e. binding death benefit nomination on file?
ANY EXTRAORDINARY MATTERS THAT REQUIRE MENTIONING?
MATTERS TO BE REVIEWED OR CARRIED FORWARD TO NEXT FINANCIAL YEAR?

OTHER MATTERS TO BE CONSIDERED

/ / / (Attach Audit Program)
Please mark "y" "n" or "n/a" where relevant - / Prepared By: / Checked By:
S1 / Purpose of Fund - sole purpose test / S1
S2 / Duties/Responsibilities of trustees - solely responsible for managing the Fund / S2
S3 / Compliance - Fund complies with all rules of SIS Act / S3
S4 / All Members of the Fund are also trustees? / S4
S5 / Is the Fund trust deed allowing acceptance of the Government’s Super Co-contributions? / S5
S6 / Does the Fund maintain a separate bank account? / S6
S7 / Obtain a copy of bank statements for full year and a Bank Confirmation if required. / S7
S8 / Investment Strategy & minutes of meeting / S8
S9 / Accepting contributions & confirming contributions from employer, if claiming personal contribution, do not forget to do a notice of intent to claim form for each member. / S9
S10 / Listed shares - DRP recorded & all dividends included / S10
S11 / Are all Transactions by the Fund conducted at Arm's Length? / S11
S12 / Property valuation (Market Value) report usually required in every three years. / S12
S13 / Other assets (Market Value) / S13
S14 / Does the Fund meet the In-House Asset restrictions? / S14
S15 / Paying benefits as per Trust Deed, including preparation of pension documents. / S15
S16 / Has there been any Significant Adverse Event since the end of the year? / S16
S17 / Compliance requirements - e.g. BAS, PAYG-I, PAYG-W etc. / S17
S18 / Superannuation audit Program done [if applicable] / S18

Disclaimer: These notes are intended to be a guide only. Business Intranet Systems Pty. Ltd. (BIS), its directors, employees and consultants expressly disclaim any and all liability to any person, whether a purchaser or not, for the consequences of anything done or omitted to be done by any such person relying on a part or the whole of the contents. Do not act on the information without first obtaining specific advice regarding your particular circumstances from a tax professional.

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