ESSENTIAL MANAGEMENT – YOUR SKILLS – YOUR TIME
Compliance is the key in managing your SMSF. You as Trustee, will be ultimately responsible for making investment decisions and ensuring you comply with all legal obligations such as timely and accurate preparation and lodgement of annual tax returns. Documents and records of the SMSF should be kept safe at all times and any transactions within the SMSF is for the sole purpose of providing for your retirement. Compliance with this level of scrutiny, does not come naturally to most people, so it imperative that you have an appropriate level of SKILL and that you allocate enough TIME to manage your SMSF. If you are uncertain with any aspect of administering a SMSF, Redwood Advisory (refer below for details) can help guide you. However compliance is your responsibility.