Compliance Checklist

Pro

Last updated 2026-02-22

SMSF compliance tracking

Finance Frank Pro includes compliance tools to help SMSF trustees stay on top of their regulatory obligations.

SMSF compliance tools require a Pro plan.

Compliance checklist

Finance Frank tracks the key compliance requirements for your SMSF:

Annual requirements

  • Annual return — lodged with the ATO by the due date
  • Financial statements — prepared for the fund
  • Independent audit — completed by an approved SMSF auditor
  • Member statements — provided to all members

Ongoing requirements

  • Sole purpose test — the fund is maintained for retirement benefits only
  • Investment strategy — documented and reviewed regularly
  • Contribution caps — concessional ($30,000) and non-concessional ($120,000) limits tracked per member, so each member's contributions are checked against their own individual cap
  • In-house asset rules — in-house assets do not exceed 5% of total assets
  • Arm's length transactions — all dealings at market value

Using the checklist

  1. Go to your SMSF entity and navigate to Compliance
  2. Review each item on the checklist
  3. Mark items as complete when done
  4. Set reminders for upcoming deadlines

Deadline tracking

Finance Frank sends reminders for key SMSF dates:

  • Annual return due date
  • Audit completion deadline
  • Contribution cap reset (1 July)
  • Investment strategy review (recommended annually)

This checklist is a guide to help you stay organised. Always work with your SMSF auditor and adviser to ensure full compliance with ATO requirements.