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.

Is Kraken a Crypto Exchange that my SMSF can invest in?

When buying Crypto in an SMSF am SMSF trustee needs to be very careful when choosing a crypto exchange to ensure that fees are not excessive, reporting is adequate for tax and audit purposes, the security risk of member benefits is satisfactory, and the investment aligns with the sole purpose of providing retirement benefits for its members.

Kraken is one of many acceptable crypto exchanges that an SMSF can use.

Kraken is registered with AUSTRAC as it is a digital cryptocurrency exchange, now known as a “virtual asset service provider (VASP). AUSTRAC concentrates on anti-money laundering and financial crime.

What do Kraken offer an SMSF?

Kraken was founded in 2011 and is headquartered in the USA, with customer support available 24/7 via live chat, email, and phone. It is one of the pioneering cryptocurrency platforms. It is a global cryptocurrency exchange operating in over 140 countries, and it began trading in Australia in 2020 following its acquisition of Bit Trade.

Kraken prioritises security, and its custodial wallets have never been breached.

Kraken is a centralised exchange concentrating on security, while decentralised exchanges offer faster but riskier access to new tokens. Kraken has strong regulatory processes and offers access to popular cryptocurrencies such as Bitcoin, Ethereum, and Solana, among others.

What sort of wallet does Kraken offer an SMSF?

Assets held on the Kraken exchange itself are kept in a custodial wallet, with a non-custodial wallet available and held separately from the Kraken exchange. This allows an SMSF to control its cryptocurrency. Your SMSF hold the private keys. This type of wallet is considered to offer maximum security, as the physical USB-like device stores the keys offline, preventing interference from online hackers.

What audit evidence does Kraken provide for your SMSF?

The SMSF auditor requires supporting evidence for the following:

the Kraken account is registered in the SMSF name
crypto holdings as at 30^thJune
market valuation as at 30^thJune
keep personal crypto separate from 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

Kraken will provide a CSV file to the fund’s accountant and auditor that can be imported into specialist superannuation software, showing the trading history, the cryptocurrencies held, and the market valuation. When setting up an account with Kraken, it must be opened in your SMSF’s name to provide evidence that the fund owns the assets.

How does my SMSF start trading in Crypto using the Kraken platform?

Step 1: We can help you set up an SMSF if you don’t already have one.

Step 2: Establish an SMSF bank account

You need to establish a bank account in the name of your SMSF e.g.” Sisters Pty Ltd ATF The Three Sisters SMSF”.
Check with your bank to ensure they will allow your SMSF to trade in cryptocurrencies. The major banks either restrict crypto trading or do not support it. Based on feedback from SMSF trustees, the most crypto-friendly bank account is the ANZ V2 Plus account, which we can assist you with setting up during the SMSF setup process.
Some other banks our clients have used for crypto trading include St George, Australia Bank and Heritage Bank.

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 Kraken

Sign up and create a business account – The account name should match the title of the fund’s bank account e.g.” Sisters Pty Ltd ATF The Three Sisters SMSF”.

Kraken Crypto Exchange

Verify your account

General information about your SMSF is required, such as:

Name of your SMSF
Date established
Registered address –the registered address of the fund’s corporate trustee
ABN for your fund
Operating address –your own personal address

Documents to be uploaded include:

Signed and dated trust deed – the latest version
Proof of your address – it can be one of the following: a recent rate notice, water bill, electricity bill, or internet bill

General information about each member/director of the SMSF trustee, such as:

Name
Address
Phone number
Tax file number (you are not required to provide this)

Documents required for verification include:

Proof of residence – examples include: a recent rate notice, water bill, electricity bill, or internet bill
Government-issued ID – a passport or photo license

Start trading at Kraken

Hint – you can start your application by selecting “My account” at the top right of the screen and selecting “create account”, or come back to it if your application is not completed.

Disclaimer – Crypto & SMSF

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