COVID-19 has resulted in changes and uncertainty across the board, particularly in the financial sector. So here are some quick tips to get on top of your SMSF during these uncertain times.

Review your investment strategysmsf

Your investment strategy must be reviewed regularly and at the very least annually. However, significant events should prompt additional reviews to ensure variations are made if and where necessary. Ensure you document any changes to your strategy that you make. Remember that short term variations shouldn’t really impact your overall investment strategy however they should still be considered.

Ensure your annual SMSF documents are signed off before their due date

You might not be able to get into your Accountants office in person, but you can use the following options to ensure your SMSF documents are correctly signed prior to lodgement:

  • Receive the documents in the post, sign and post back
  • Digitally sign the documents
  • Receive the documents via email, sign and email back the scanned copies

All of these are acceptable forms of signing your documents.

Automate as much as possible within your SMSF

No matter what you may think about technology in your personal life, the benefits with running and administering your SMSF are many. They can help you with both the cost and the convenience.

Bank data feeds:

By providing authority to your bank, particular super fund software programs can receive your bank transactions electronically as they occur. Fund administrators like us will not have the ability to alter any details or transactions on your account but it will have a positive impact on the way you manage your super fund.

Contract note service:

At Your Super Specialist we have the ability to provide you as trustees of your SMSF with a unique email address specifically for your electronic contract notes. Simply by updating your account details with your broker (such as eTrade or Commsec) we will have the capability to receive your contract notes and process the trade in real time.

At Your Super Specialist we also have software that permits us to compare your dividend and distribution data directly with the ASX and other stock exchanges. This allows us to ensure all of your dividend income is accounted for even if a payment goes missing.

Estate Planning – Binding Death Benefit Nominations

Recent research by ASIC discovered that 30% of SMSF trustees had no arrangements in place for their super should something happen to them.  Estate planning is such an important thing to have in order, but it is far too often left undone. This makes what is already a tough time for your family even tougher. Why not use this time to put the right documentation in place?

Having the right documentation in place reduces the stress for your loved ones and removes any uncertainties. One such document is known as a death benefit nomination which directs your superannuation benefit to your desired beneficiary. It can come in many formats so make sure you check which best suits your needs here.

There are also multiple relief options available within the SMSF sector. All of which your advisor should have discussed with you where applicable. If you need help managing your SMSF during these challenging times, please contact us here.

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.