SMSF START UP ADVICE

• For clients of Frost Crane & Co

• Client Name

• Conducted on

  Date

• Interview conducted by

• Reviewed by

2. Retirement Issues

• Does the client have a financial plan for retirement?

  Yes

  No

  N/A

• What is the annual retirement income expectation of the client?

• Has the client considered using a budget for monitoring personal expenditures?

  Yes

  No

  N/A

• Copy of bank reconciliations

  Media

3. Superannuation

• Would the client be advantaged by starting a transition to retirement pension?

  Completed

  Not Completed

• Would the client benefit from the asset protection features of superannuation?

  Yes

  No

  N/A

• Would the client benefit from establishing a SMSF superannuation fund?

  Yes

  No

  N/A

• Would the client benefit from an anti-detriment strategy and/or a reserving strategy?

  Yes

  No

  N/A

• Does the client need or would benefit from passing the work test... 40 hours in any 30 period during the year... Particularly the receipt of a PAYGW certificate?

  Yes

  No

  N/A

• What are the taxation implications of any payout from superannuation?

  Yes

  No

  N/A

• Relevant documents

  Media

4. Investment Options

• Is the client currently able to save money?

  Yes

  No

  N/A

• Note the approximate amount saved per month

• What proportion of savings are being salary sacrificed into superannuation?

  0 - 10%

  10 - 20%

  > 20%

• How risk averse is the client? 10 = very risk averse

• Transactions examined

  Media

TRUSTEE RESPONSIBILITIES

• Does the client have a Will that is appropriate for their current circumstances?<br>

  Yes

  No

  N/A

• Where is a copy of the will kept?

• Has the client considered the taxation advantages of setting up a testamentary trust?

  Yes

  No

  N/A

• Annual return must be prepared on a timely basis<br>

  Yes

  No

  N/A

• Copy of relevant documents

  Media

• Has client any super?

• Yes. No

  Off

  On

• Photo

  Media

• Off

  On

5. Employment Records

• Are staff being paid correctly approved rates

  Yes

  No

  N/A

• Do fringe benefit arrangements comply with FBT legislation and church policies?

  Yes

  No

  N/A

• Has employee withholding tax been correctly calculated and promptly remitted to the ATO?

  Yes

  No

  N/A

• Have payments for supply and other personal services arrangements been correctly treated with either.. TFN, ABN or volunteer declarations obtained?

  Yes

  No

  N/A

• Have assessments for workers compensation, superannuation and other benefits been correctly determined and promptly remitted to relevant authorities?

  Yes

  No

  N/A

• Have BAS returns been prepared in accordance with financial records and lodged promptly?

  Yes

  No

  N/A

• Have you reviewed the Integrated Client Account for timely lodgment of BAS returns and any refunds that may be due?

  Yes

  No

  N/A

6. TREASURY OVERSIGHT - THOSE CHARGED WITH GOVERNANCE

• Copy of minutes

  Media

• Have you reviewed the approved minutes of all meetings for the year and noted any significant financial decisions?

  Completed

  Not Completed

• Do minutes of meetings evidence proper oversight of financial affairs and approval of expenditures?

  Yes

  No

  N/A

• Was a budget approved for the year and actual receipts and payments compared to the budget periodically during the year?

  Yes

  No

  N/A

• Have all points raised by the prior year review been adequately addressed by TCWG?

  Yes

  No

  N/A

• Has the Treasurer (and/or committee members) signed a statement for the accounts

  Signed off

  Not Signed off

• Copy of Treasurer's Statement

  Media

7. FINANCIAL REPORT

• Financial Report on file?

  Media

• Does the financial report agree with the financial records?

  Yes

  No

  N/A

• Do prior year comparative figures agree with prior year reports?

  Yes

  No

  N/A

• Do the classification of income and expense items comply with church reporting guidelines and policies?

  Yes

  No

  N/A

• Are the additions of the report correct?

  Yes

  No

  N/A

• Have all items been correctly and fully disclosed in the reports, especially any trust monies?

  Yes

  No

  N/A

• Have all errors and recommendations been documented and reported to TCWG?

  Yes

  No

  N/A

• Are you satisfied that the financial report is accurate and an assurance statement can be issued?

  Yes

  No

  N/A

• Copy of Review Statement

  Media

• Signature of assessor

  Sign