A Self-Managed Super Fund (SMSF) is a private superannuation fund where members control and manage their retirement savings. Unlike traditional super funds, SMSFs allow members to directly oversee investments but also require rigorous compliance with Australian Taxation Office (ATO) regulations.

Key Accounting Requirements for SMSFs

1. Compliance: Trustees must prepare annual tax returns, financial statements, and keep records of transactions, contributions, and benefits.
2. Annual Audit: SMSFs require an independent audit to ensure compliance.
3. Tax Obligations: SMSFs enjoy a concessional tax rate (generally 15%), but only when compliant with ATO rules.
4. Investment Strategy: SMSFs must maintain a documented investment strategy and ensure it aligns with members’ retirement goals.
5. Contribution Limits: Trustees need to monitor contribution caps and minimum pension payments to avoid penalties.