About SuperNation Self Managed Superannuation Services

Fund administration and record keeping

The trustees are responsible for keeping records of the Fund. By completing the SuperNation Fund Application, the trustees appoint SuperNation services to perform record keeping obligations on their behalf including the following:

  •  Administering the fund, the trustee and the member records;
  •  Maintaining accurate and accessible accounting records in a form which can be readily converted into print and clearly understood for the purpose of audits;
  •  Reconciling monthly accounts of the fund;
  •  Preparing rollover forms as required;
  •  Administering benefit payments and pension payments;
  •  Calculating PAYG, Business Activity Statements and Installment Activity Statement obligations and preparing returns;
  •  Preparing members contribution statement;
  •  Calculating annual minimum and maximum (if applicable) pension entitlements where relevant;
  •  Obtaining valuations as required;
  •  Preparing an annual financial statement which shows the financial position and an operating statement which shows the profit/loss of the fund;
  •  Organising the fund’s annual audit;
  •  Preparing the fund’s annual member benefit statements;
  •  Obtaining an actuarial certificate where the fund pays an annual pension;
  •  Preparing and organising the timely lodgment of the fund’s tax return;
  •  Submitting an annual return to the ATO;
  •  Assisting with administration of the fund’s Corporate Trustee, if applicable;
  •  Retaining records;
  •  Retaining copies of the Trust Deed and any amendments;
  •  Keeping copies of general fund reports (eg annual fund reports) and,
  •  Keeping minutes of the trustees’ meetings and a record of all changes of the trustees.

Fund reporting

In addition to the record keeping obligations detailed opposite, the SuperNation services provide the trustees and the members with comprehensive reporting on the fund’s activities.

The following quarterly reports are provided:

  • Investment reports;
  • Summary report – current value of investments versus the original cost of the investments;
  • Change report – changes in the market value of investments;
  • Movement report – purchase and sale of investments during period;
  • Disposal report – profit/loss on investments sold during period;
  • Income report – income received during period;
  • Asset allocation and investment strategy;
  • Current assets by allocation;
  • Current investment strategy;
  • Member balances;
  • The member balance for each member;
  • Compliance reports.
  • All compliance tasks during the quarter.
  • All future compliance tasks to be undertaken for the next quarter.
  • Member reporting.
  • SuperNation prepares annual reports for the member including:
  • Annual member statement;
  • Annual review letter to clarify the member’s pension amount and tax information;
  • Annual PAYG payment summary.