Specialist SMSF Accountants Adelaide | Self Managed Super Fund Administration Services

Specialist SMSF Administration

Our firm boasts a team of accredited SMSF Accountants based in Adelaide servicing the entirety of South Australia from our office in Highgate. Our director, Emily Cooper, is an accredited Specialist via the SMSF Association of Australia which is the leading body representing and training accountants and lawyers in this specialist field. This is coupled with our staff training via the Tax Institute of Australia led by Chartered Tax Advisers.

We are also lucky enough to have an accredited SMSF lawyer leading our team of SMSF accountants who is also a specialist in the space and able to assist clients who run into more complex legal issues. The combination of legal and accounting advisors within our team allows us to offer a SMSF administration service based on absolute technical excellence.

SMSF Accounting Services

We provide ongoing accounting services to the Adelaide market whereby we support you in all your annual obligations as the trustee of the fund. These services include:

• Ongoing reconciliation of income and expenses of the fund via the Class Platform
• Submitting all ATO lodgements, including:
  • TBAR Reports
  • IAS/BAS Reporting as required
  • Financial Statements
  • Tax Returns
• Preparation of all documents for the external auditor
• Creation of all statutory documents required for funds operation
• Assistance in withdrawing funds on the passing of members
• Our annual administration costs start from $1,300+GST per annum, checkout our Pricing page for full details of our fees and charges.

Self-Managed Super Fund Setup

Along with the ongoing administration support our firm also assists clients who are ready to get started to setup a new super fund trust ensuring that the setup is completed correctly so the fund is eligible to receive concessional contributions. The establishment of the fund usually takes only a few days but the only potential hold up is the tax office as they allow themselves 28 days to issue the ABN which you require before being able to open the bank account and request any rollovers.  99% of the time the ABN is issued instantly but it is something to keep in mind – especially with property settlements as you don’t want to risk any delays.

When a member has died or the assets of the fund have been used up during retirement we also assist with wind ups to close funds that are no longer required. The wind up process is very different for different clients depending on the assets held by the fund at the time of the shutdown. For an individual quote to shutdown your fund please fill in the form to discuss the details with one of our specialists.

SMSF Compliance & Audit Services

It is a legal requirement that SMSFs are audited every financial year by an independent ASIC registered auditor. This process essentially is a review of your financial statements, internal strategy and other compliance documents, ensuring that your fund is operating correctly.

The annual audit services include a review of the:

• Funds Deed
• Your personalised Investment Strategy
• Financial Reports for the current and previous financial years
• Source documents such as supplier invoices and receipts
• The Tax Return
• Other compliance documents

SMSF Tax Returns

Every Fund must submit a tax return annually to the ATO. Your return will detail the financial position of your fund and outline any profits/losses made through your investments in the financial year. This return is completed at the same time as your annual financials via the Class Platform. For this return to be submitted to the tax office the fund must include the independent auditors sign off otherwise it will be rejected and red flag.

For funds in their first year of operation they will generally be given to the 28th February to lodge their tax return although once there is a record of compliant operations with the government this due date is extended till the 15th May. That said, we certainly don’t recommend you leave it until the last moment and suggest looking to lodge your return as early as reasonably possible to stay on top of your compliance obligations.

Wholesale Self-Managed Superannuation Fund Services

Our firm provides services to everyday consumers or on a white-labelled basis to other accounting firms. Our wholesale wing involves our team completing white labelled work on our Class system which gives the referring accountant access to all their clients details and live view of investments. This allows us to complete the compliance while the accountant is able to focus on the advisory service and other areas they specialise in.

Adelaide Accounting Firms

Our firm has been a trusted partner of accounting firms across Australia for a substantial time. We build long-term partnerships with all our outsourcing clients which started with Bartley Partners on Glen Osmond Road and now includes accounting and financial planning firms throughout Australia. These firms trust us to assist with holistic services for their clients’ funds to ensure cost effect compliance. As a specialist provider of SMSF services our accounting solutions can be fully white labelled so your firm maintains the client relationship which we provide cost effective outsourcing of the administration tasks through to the taxation return, financials and audit. It goes without saying that all our work is done under a strict non compete agreement with our specialist team operating as an extension of your professional services firm.

Financial Planners

Our business model prohibits our staff from giving investment advice to our clients as it does not fit in with our focus on pure compliance services. We are of the firm opinion that Self Managed Superannuation Funds offer incredible value to many clients but our natural conflict means we should not be offering financial advice to a client as to whether an SMSF is right for them. This can only be done by ASIC registered planners who we happily partner with so we can focus on providing SMSF accounting services wile they complete the SMSF investment advice and asset allocation support.

Once your fund is set up you are welcome to use your existing investment adviser to discuss the allocation of your assets. All advisers who work with our clients are, with your permission, offered access to your data through secure channels on the Class Super Platform. This enables continuity of service for everything involving your fund. We are a collaborative firm and are happy to work with other professionals to ensure clients receive comprehensive SMSF support from investment decisions through to compliance requirements.

Speak to a Adelaide SMSF Specialist Today

Frequently Asked Questions

How much does it cost for an SMSF Setup in Adelaide?

The total establishment cost of setting up an SMSF in Adelaide is $2,000+GST. Keep in mind this includes all the costs of setting up an SMSF bundled into one as we believe in transparent pricing up front.

For the breakdown of costs please see below:

• Class Super platform fee ($280 annually) allowing a cloud-based SMSF and the electronic service address ‘smsfdataflow’
• ASIC fee for setting up a corporate trustee ($636)
• Legal costs associated with the creation of the SMSF deed and trustee paperwork ($400)
• Accounting time for the setup, create initial audit file, strategy template, rollover funds, complete ABN and TFN applications and preparation of files you’ll need to open the bank account

What is the SMSF Setup process?

Once you have decided to setup an SMSF please reach out to us to assist with the process which will involve:

• Completing our SMSF Setup form and providing ID documents etc
• Selecting a name for the Fund and Corporate Trustee
• Organising a Directors ID Number as mandated by ASIC
• Providing copies of any existing funds you want rolled over into the SMSF

Can accountants provide SMSF advice?

Accountants can provide advice on the creation, operation, and wind-up of your SMSF fund to ensure compliance and mitigate the damage of any non compliance. However, we cannot provide advice on what to invest your money into which is the sole responsibility of the trustees. We are bound by legislation that prohibits us from doing so. In the event that you have investment related questions, we suggest seeking out an ASIC registered investment adviser – they are better educated on considering your personal circumstances to help you make smart investment choices.

Can I purchase property in my SMSF?

Yes! But keep in mind there are legal obligations you will need to meet if your strategy includes holding property. Please note, you can only purchase property within your fund if it is clearly indicated in your internal strategy.

Property held within your fund cannot provide benefits to its members before their retirement. There are certain rules about occupancy and leasing out both commercial and residential property.

Can my SMSF borrow money?

Yes, but only via the use of a legal instrument known as a Bare Trust. However, since the royal commission it has become a little bit harder to borrow funds in this manner as the big four banks decided they will no longer lend to private super funds unless you are a private client with substantial assets and loans with the bank. This means clients needing a new mortgage will have to go to a second-tier lender such as a Liberty or La Trobe which will generally mean paying a higher interest rate and fees for the mortgage. We do not operate as mortgage brokers but have worked with dozens of good quality brokers in Adelaide and can certainly recommend a few for you to talk too if you need help in this area.

Cryptocurrency and SMSFs?

Yes, you can invest in cryptocurrency if your investment strategy provides for this asset class. One important thing to remember is that the account on the exchange holding the cryptocurrencies must be in the name of the Fund and its corporate trustee and not an individual member’s name.