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 use Swyftx as the platform for my SMSF to invest in Crypto?

Yes, Swyftx can be used by your SMSF to trade in cryptocurrency. It is an Australian exchange which launched in 2018 providing access to over 440 cryptocurrencies.

SMSF Australia is not a financial planner and does not make any recommendations about SMSFs investing in cryptocurrency or using specific exchanges. However, due to frequent questions, this blog provides general guidance on using the Swyftx platform for cryptocurrency investment.

Swyftx is registered with AUSTRAC to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws. To comply with the laws Swyftx verifies SMSF member identities through Know Your Customer (KYC) processes.

How does my SMSF invest in Crypto?

Step 1 – If you don’t have an existing SMSF set-up your SMSF which we can help you with!

Contact us and we will take you through the process and arrange for the fund’s trust deed and other compliance documents as well as organising the SMSF corporate trustee and finally registering the SMSF with the ATO and then you can set up a bank account.

Step 2 – Establish an SMSF bank account

You may need to open more than one bank account, as major banks often do not support SMSF crypto transactions or provide suitable SMSF accounts for this purpose. The SMSF crypto account might not be ideal for your main transactions.

The title of the SMSF bank account must match the title registered with Swyftx i.e. “Brown Pty Ltd ATF Brown Family SMSF”.
The most Crypto friendly bank account is the ANZ V2 Plus account which we help clients setup as part of the SMSF Setup process. Please note that although we help clients setup this account we do not have any ongoing banking access so there is no security concerns either for our firm or the client.
Some other banks that clients have been successful with for Crypto transactions include St George, Australia Bank, and Heritage Bank. Every bank has its own specific policies which change frequently, so it’s important to check whether they impose any restrictions on SMSFs involved in crypto trading. There may be limits on the amount of cryptocurrency that can be traded, and a bank might hold a transaction until they’re confident it isn’t risky sometimes requiring a quick call or further questioning.

SMSF Australia does not endorse any particular bank. We are simply providing information about banks that have been brought to our attention; additional banks may also facilitate crypto trading.

Step 3 – Apply to open an account with Swyftx

An application can be made to Swyftx using the following:

Hubspot Meeting Space for SMSF Australia
You can book a consultation with a Swyftx team member at any time as part of the application process as sometimes it is just easier to talk to a person.
All SMSF members open up a personal account and their identify is verified as part of the KYC process. The documentation can include a certified copy of your driver’s license with photo ID or an Australian passport and a selfie of yourself. Other documents can be used if a government issued photo ID is not available.
Complete the application form.
Upload a certified copy of the fund’s trust deed.

Step 4 – Start Trading

The Swyftx team will review the SMSF application and request any further information or documents.
The SMSF members will receive an invitation to join the SMSF and have 14 days to respond.
A confirmation email will be sent to you and then you have access to your SMSF account

SMSF compliance considerations

An SMSF auditor requires audit evidence to support the following:

the Swyftx account is registered in the SMSF name
crypto holdings as at 30^th June
market valuation as at 30^th June
keep personal crypto separate to SMSF crypto investments
no prohibited related party transactions i.e. acquiring or transferring crypto assets from a personal account
the trust deed allows investments in cryptocurrencies
holding crypto assets must be in accordance with the fund’s investment strategy

What reports do Swyftx provide?

Swyftx offers detailed transaction reports downloadable as CSV or PDF files. Accountants and auditors can access these reports online, with API keys allowing restricted “read only” access for external parties to view and print necessary data. These reports provide evidence for account title, holdings, value at 30th June, and transaction details for tracing related party transactions and reconciling funds. Despite this, SMSF auditors may still qualify the fund’s financial accounts if third-party reports cannot be independently verified. However, since Swyftx undergoes reviews of their internal processes by their independent external auditor, the ATO is generally not too concerned.

What sort of wallet will your SMSF have?

Swyftx operate a hot wallet (internet based) for their clients. However, an SMSF can elect to move their cryptocurrency to a hot wallet or cold wallet of their choice. An SMSF auditor will require access to the fund’s wallet to obtain supportable evidence as discussed above.

Disclaimer – Crypto & SMSF

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.