2025 SMSF Compliance Checklist: Stay Ahead of ATO Requirements
Managing a Self-Managed Super Fund (SMSF) requires diligence, especially with the Australian Taxation Office (ATO) intensifying its focus on compliance in 2025. At SMSF Depot, we’re committed to helping trustees navigate these obligations seamlessly. This checklist will guide you through the essential compliance requirements to ensure your SMSF remains in good standing.
2025 SMSF Compliance Checklist
An SMSF is a private superannuation fund that you manage yourself, providing the opportunity to make personalized investment decisions. Unlike traditional super funds, SMSFs allow up to six members, typically family or close associates, to act as trustees and oversee the fund’s operations.
Annual Financial Statements :
Prepare accurate financial statements for the 2024–25 financial year.
Ensure all trustees sign the statements before the annual audit.
Independent SMSF Audit:
Engage an approved SMSF auditor to conduct an annual audit.
Provide all necessary documentation promptly to facilitate the audit process.
Note: The ATO emphasizes auditor independence and quality. Auditors must comply with the APES 110 Code of Ethics for Professional Accountants, ensuring no conflicts of interest exist .
Lodgment of SMSF Annual Return (SAR) :
Submit the SAR to the ATO by the due date, including financial and compliance information.
Minimum Pension Payments :
If your SMSF is in the pension phase, ensure minimum pension payments are made to members by 30 June 2025.
Contribution Caps Monitoring :
Monitor member contributions to ensure they do not exceed the concessional and non-concessional caps.
Investment Strategy Review :
Review and document your SMSF’s investment strategy, considering diversification, liquidity, and member circumstances.
Property Compliance (if applicable) :
For SMSFs holding property, ensure compliance with borrowing arrangements and property title requirements.
ATO Focus Areas in 2025
The ATO has outlined specific areas of concern for SMSFs in 2025:
Auditor Independence : Ensuring auditors maintain independence and avoid conflicts of interest .
Asset Valuation : Accurate market valuations of SMSF assets are crucial. Trustees must provide sufficient evidence to support valuations .
High-Volume Auditors : The ATO is scrutinising auditors handling a large number of SMSF audits annually to ensure quality is not compromised .
How SMSF Depot Can Assist
At SMSF Depot, we offer comprehensive services to help you stay compliant:
SMSF Setup : Establish your SMSF with expert guidance.
SMSF Administration : Ongoing support to manage your fund efficiently.
SMSF Audit Services : Connect with independent auditors to fulfill annual audit requirements.
Important Dates for SMSF Trustees in 2025
28 February 2025 : Due date for SMSF Annual Return if not using a tax agent.
15 May 2025 : Extended due date for SMSF Annual Return if using a registered tax agent.
30 June 2025 : Ensure minimum pension payments are made and contributions are within caps.
For a detailed calendar, refer to the ATO’s SMSF compliance calendar.