How much does SMSF Australia charge for annual SMSF accounting?

SMSF Australia offers three fixed-fee annual packages: Basic Fund at $1,300+GST (listed shares, managed funds, ETFs, term deposits), Complex Fund at $1,600+GST (adds direct property up to 2, cryptocurrency, precious metals), and Very Complex Fund from $2,000+GST (unlisted assets, private loans, derivatives, NFTs, 3+ properties). All packages include the independent SMSF audit at no additional cost.

Is the SMSF audit included in the annual fee?

Yes. The independent SMSF audit is included in all three annual fee packages — Basic, Complex, and Very Complex. It is not charged as a separate add-on.

Can SMSF Australia service my fund if I am not in the same state?

Yes. SMSF Australia operates nationally across all Australian states and territories. All client meetings and services are conducted via Zoom — there is no requirement to be near a physical office.

How much does it cost to set up an SMSF with SMSF Australia?

The SMSF setup fee is $2,000+GST, which covers corporate trustee establishment (ASIC fee $636), SMSF trust deed ($400), Class Super first-year licence ($250), ABN and TFN applications, investment strategy preparation, and rollover coordination.

Does SMSF Australia provide financial advice?

No. SMSF Australia does not provide financial planning or investment advice. Services are limited to SMSF accounting, tax, audit, compliance, and legal matters.

Can I invest my SMSF in Crypto using Independent Reserve?

Similar to other crypto platforms Independent Reserve is registered with AUSTRAC and therefore an SMSF is able to invest in cryptocurrencies through the platform. AUSTRAC regulates the anti-money laundering and Counter-Terrorism Financing (AML/CTF) laws designed to protect the financial sector from theft and fraud.

Cryptocurrency as an investment market is relatively new to the SMSF sector. The key is to protect cryptocurrency assets from theft, fraud and scams to ensure the fund’s assets are maintained for the sole purpose of providing retirement benefits to its members and beneficiaries on the death of a member.

Independent Reserve is an Australian based centralised crypto exchange (CEX) founded in 2013. The platform generally uses cold storage wallets, two-factor authentication (2FA) and independent third-party security audits to reduce risk.

How are SMSF crypto assets kept safe with Independent Reserve?

The exchange keeps SMSF customers cold storage wallets in multiple vaults across various locations with extensive physical security. Private keys can also be held as hot (internet) wallets but generally private keys are held in a cold wallet. Independent Reserve holds your Crypto assets and private keys on the behalf of your SMSF as custodial wallets. The wallets can be accessed by logging into your account with Independent Reserve.

There are processes in place to recover cold storage funds where there has been a catastrophic event.

How do Independent Reserve meet audit requirements for SMSFs?

The exchange provides the following features to assist the SMSF auditor:

Segregation of assets between the company’s assets and the SMSF assets
Maintains a 1:1 reserve of an SMSF’s cash i.e. $AUD and crypto assets
Annual financial audit of the company’s financial statements -The annual audit verifies the cash and crypto assets held by each SMSF as at 30^th June
Sole custodian of SMSF crypto assets held with Independent Reserve platform which is managed in Australia
Integration with crypto tax calculators and detailed reporting of transactions

The above processes allow an SMSF auditor to:

verify the existence of a fund’s crypto currency at 30^th June
the title of the crypto assets
the value of the crypto assets at 30^th June
transparent transactions to verify any related party or other inappropriate transactions
track interactions with the SMSF bank account

How do Independent Reserve meet the “Know your Customer (KYC)” requirements?

One of the key elements to prevent theft, fraud and scams under AUSTRAC is to KYC. This means the platform has to verify the identifies of the SMSF members and the SMSF corporate trustee and report any suspicious activity. Further checks and enquiries may be necessary when a suspicious transaction is detected.

Starting an SMSF and then investing with Independent Reserve

If you don’t have an existing SMSF contact SMSF Australia and we are more than happy to talk to you about the process of setting up a new SMSF and take you through the paperwork.

We can help you with the legal documents such as the trust deed and a sole purpose corporate trustee. Establishing an electronic service address and applying for your ATO registrations plus other related paperwork.

When your new SMSF is up and running you can create an SMSF account with “Independent Reserve”.

SMSF bank account

Establishing an SMSF bank account is essential for integration with a currency exchange platform. The SMSF bank account must be titled identically to the Independent Reserve account; for example, “Smith Pty Ltd ATF Smith SMSF”. The exchange serves as an intermediary between your SMSF bank account and cryptocurrency transactions. Funds are transferred from your crypto-friendly SMSF bank account to an account with Independent Reserve, where they are securely held and made available for cryptocurrency trading.

Finding a crypto-friendly bank can be difficult due to rising online scams. Bank policies change frequently, so it’s important to research whether your SMSF account supports cryptocurrency trading. Banks prefer digital currency platforms registered with AUSTRAC, considering them lower risk. Some banks, such as Ubank and ING, don’t offer SMSF transactional accounts and can’t be used for crypto transactions.

SMSF Australia do not endorse any particular bank but has noted that ANZ, Australia Bank and St George seem to be crypto-friendly for SMSFs and may be worth considering. Additionally, some SMSFs have successfully used NAB, Bendigo Bank, and Heritage Bank for transactions with crypto platforms.

There are sometimes restrictions on the amount of cryptocurrency that can be traded, or banks might block transactions they consider high-risk. Crypto transactions might also face additional scrutiny, which could range from a phone call with the bank to more detailed questioning.

Disclaimer – SMSF Investing via Independent Reserve

SMSF Australia does not endorse or suggest any particular cryptocurrency exchange platform. Frequently, clients inquire about SMSF investing in cryptocurrency; therefore, we offer broad guidelines on utilising a crypto platform for such investments.