Company and SMSF Minutes & Resolutions for end of financial year

Belinda Thalakada, Customer Support Representative

Financial year end is just around the corner and many of our customers may be thinking about getting their company, SMSF and trust documents ready to submit to the ATO. 

Cleardocs can assist you with creating minutes and resolutions to get your entity’s records in order for the end of financial year. For example, resolutions for appointment of an accountant, an auditor or to approve financial statements.

Cleardocs offers a range of minutes and resolutions you may need for your SMSF or pty ltd company. 

• Company Minutes & Resolutions Package: $ 77.00 inc. GST for 12 months use of the Package for the company which the Minute or Resolution relates to.
• SMSF Minutes & Resolutions Package: $66.00 inc. GST for 12 months use of the Package for each SMSF.

If you purchase your minutes and resolutions package when setting up your company or SMSF, you will receive a 15% discount off the price of the minutes & resolutions package.

Also, our system will save details of the company or Fund so that:

• we can pre-populate the company or fund details into the question interface for your minutes & resolutions orders; and
• the company or Fund can purchase unlimited minutes or resolutions within the respective package in the subsequent 12 months. Given payment of the upfront fee, on the payment screen, you will be prompted to use free documents for the next 12 months.

+Cleardocs Thomson Reuters

Continual vigilance

Lisa Galbraith, CEO

I have been reading with interest the articles on the ATO cracking down on DIY super funds doing the wrong thing. While the numbers involved are still small (99 made non compliant in 2009) it is significantly higher than the 24 in the previous year. It certainly makes you think.

The ATO provides quite a lot of information about trustee responsibilities – in fact when you establish an SMSF the trustee signs an ATO declaration form

This ATO form clearly states that the sole purpose of the SMSF is “providing benefits to its members upon their retirement (or attainment of a certain age) or their beneficiaries if a member dies”. The form also has a handy list of investment restrictions. Clearly stating the “I am prohibited from . . . having more than 5% of the fund’s total assets at anytime of the year as loans to, or investments in related parties of the fund...” (There are lots of others).

At Cleardocs, as well providing the ATO form, we also provide a document package that includes:

· The important do’s and don’ts for trustees; and

· Your responsibility as a trustee

This second document in particular tries to highlight a trustee’s core obligations to the fund, and includes items such as the record keeping requirements, the importance of the investment strategy, and the trustee’s ongoing obligations to the members.

The ATO website also provides regular updates on their views and approaches to SMSF and is definitely worth bookmarking in your favourites. Your accountant or planner should also be a valuable source of information for you.

Given the cost of being declared non compliant, the impact it will have on your retirement funds and the ATO’s dramatic increased focus on compliance it certainly pays to manage your SMSF properly.