Self-Managed Super Funds offer the most flexible investment structure available within the superannuation landscape in Australia.
The reason they are the preferred choice for over a million Australians is because of their ability to invest in a diverse range of assets including direct property holdings, both residential and commercial, cryptocurrency, shares, managed funds as well as bullion, private company shares, and other unique assets.
Our team of SMSF Accountants in Brisbane have worked with trustees nationally to support them with the accounting and taxation requirements of their SMSF as they navigate these myriad of investment options.
Our role is to ensure clients are setup with the Class Super software platform with active data feeds direct from their investments and other automation tools to ensure the record keeping is as inexpensive and streamlined as possible.
The Class Super platform is Australia’s leading SMSF software solution backed up with the security and stability of a leading publicly listed company.
DIY superannuation known in Australia as a Self-Managed Super Fund is a mechanism whereby individuals can manage their super directly following their own investment goals and criteria such as following an ethical investing framework.
Our team of SMSF Accountants in Brisbane specialise in assisting you with advice and support on your duties under the SIS Act and the associated Superannuation Industry (Supervision) Regulations 1994.
As a SMSF firm we specialise solely in the Self-Managed Super Fund space providing a niche service to trustees and other firms. Our mission is to provide advice and support to trustees while implementing high level automation solutions to allow you to manage your SMSF as simply as cost effectively as possible.
We are independently owned and not linked to any financial planning firm or group so are happy to work with your financial planner and personal accountant to ensure you are supported holistically with your super fund within your wider financial goals.
If you’re interested in learning more about our SMSF Accounting Services please reach out for a confidential quote. Simply submit your details and one of our friendly team will be in touch as soon as possible.
Do you want to learn more about our SMSF Accounting Services?
Give us a call on (07) 3112 8069 or fill in the form above
We have a team of Specialist SMSF Accountants servicing Brisbane including Chartered Tax Advisers accredited via the Tax Institute of Australia providing specialist advice in the superannuation sphere.
Our team includes numerous SMSF Accountants with decades of practical experience working with complex super scenarios and dealing with ATO audits and compliance matters.
We are also fortunate to have an SMSF Lawyer sitting on our board who works to provide our team and our clients with regular updates on the most recent cases effecting the SMSF industry. The passion our team delivers to the work we do with every client is unparalleled
We assist with a variety of SMSF Accounting Services including the initial SMSF Setup, the ongoing maintenance of the fund including the administration, accounting and taxation requirements and of course, the eventual wind up of the fund by the trustees or their inheritors.
We are experienced assisting across the entire super lifecycle and are pleased to give you price certainty along the way. Our model is to quote you fixed price fees up front based on the complexity of your fund and the work you would like us to completed on your behalf.
These fees include the software costs, the annual accounting and tax return lodgements plus disbursements made to an independent auditor on your behalf. Keep in mind all SMSFs are required to be independently audited on an annual basis who are licensed by ASIC and required to report any adverse findings to the Australian Taxation Office as contravention reports.
We offer a range of SMSF Accounting services in Brisbane including:
One of the key requirements for a Self-Managed Super fund is to complete the annual SMSF tax return and lodge it with the ATO.
For compliant SMSFs with a good history with the ATO this return is generally due for lodgement by the 15th of May the year following the end of financial year.
For first year super fund returns these generally have a shorter window for lodgement being due the 28th of February of the following year as the ATO will tend to pay more attention to a new fund in its first year to ensure the trustees are on top of their new obligations.
This tax return must include a sign off by an independent auditor for the return to be lodged, otherwise the system will automatically reject the lodgement.
The SMSF auditor reviews the deed, investment strategy, other statutory documents as well as the financial statements and supporting source documents to come to an opinion as to whether the financials and tax return accurately reflect the activity of the fund and whether the trustees breached the SIS Act or SIS Regulations.
An SMSF Deed is the legal document which creates the self-managed super fund in the same way a trust deed creates and manages the legal relationships within a trust.
This document is often forgotten by busy trustees, but it is the core set of legal rules which define how the SMSF must act and what it is allowed to do. Given that governments of all persuasions have enjoyed regularly playing with the laws around the superannuation industry it is important that this document is regularly reviewed by a legal professional.
When a new client comes on board our team will review their existing deed and let them know if there are any causes for concern and whether they need to reach out to a law firm for an amended deed.
This is actually a very simple, inexpensive and painless process but one that should not be forgotten about as it can affect the SMSF’s compliance during an audit either from the ATO or the regular annual audit by the independent ASIC licensed auditor who must review the Deed as part of their workflow
When we created SMSF Australia we designed the business around two key client demographics being accounting firms and direct trustees.
We provide fully customisable white labelled services for accounting firms nationally who are specialists in their own areas, have deep client relationships but do not have the expertise in house to provide affordable quality services in the SMSF space.
As well as our wholesale style work for other firms we also provide SMSF accounting services in Brisbane direct to clients whereby we assist trustees one on one to manage their accounting, taxation, and reporting obligations.
Our services are provided via the Class Super platform enhanced with our in-house technical toolkit to provide efficiencies via data feeds and automations.
This allows us to provide affordable services for our SMSF clients while at the same time preserving the quality and reliability which has always been at the heart of our offering.
We have a strong history of working as a trusted partner for other accounting firms throughout Australia who do not have the depth of SMSF resources in house to manage their clients SMSFs cost effectively.
These partnerships have proved beneficial to all involved as we have provided fully white labelled, cost-effective compliance solutions and high-level technical advice to our accounting partners.
This in turn benefits the clients who are getting more advisory support from their accounting firm without any increase in overall fee levels or decrease in timeliness or quality.
SMSF Australia also partners with numerous financial planners to provide the best outcomes for those who come through our business.
Financial planners come to us to manage the compliance side of their clients SMSFs at a reasonable cost. As our business model specifically excludes financial planning there is no overlap in the services we provide.
An SMSF is often a cheaper solution for clients with large amounts of superannuation under management allowing the financial planner to decrease their clients overall administrative costs while providing them flexibility in their investment choices.
All our financial planning partners have live access to their client’s super fund files via a Class Super login and thus can pull out reports on demand so there is no latency between the work we do and its visibility to the planning team.
If you need SMSF Accounting Services, then please reach out to our friendly team of SMSF accountants servicing Brisbane to see how we can help with you with SMSF goals.
Please fill in your details on the contact form or give our office a call for a no obligation and confidential chat about the services we offer and how we can work with you moving forward!
The total establishment cost for an SMSF setup in Brisbane is $2,000+GST. This amount is payable by the trustee directly but may be reimbursed to them through the SMSF once it is created – provided the funds have been rolled into the new bank account.
This fee is all inclusive covering the ASIC setup fee for the corporate trustee of $576, the lawyers’ costs to complete an SMSF Deed, along with software fees from Class Super to setup the fund on the new software platform.
Class charges roughly $280 per year including GST per self-managed super fund hosted on the Class Platform. The establishment fee also includes the setup of the Electronic Service Address or ESA which the fund will need to receive contributions from employers of the SMSF members.
The fee also covers our time to setup the Australian Taxation Office registrations including the TFN and ABN, assisting the trustee in the setup of the myriad of compliance documents, along with assisting with the rollover of your existing superannuation accounts into your new SMSF.
To see a full cost breakdown, visit the following link
If a trustee directs an accredited SMSF Accountant to set up a Self-Managed Super Fund they can – provided that all members of the new fund pass identity checks and sign all the required paperwork from the accounting and legal teams.
Keep in mind that SMSF Australia are unable to set up a Self-Managed Super Fund unless the members pass ID checks and provide photo ID which matches the information contained on the ATO and ASIC databases.
All members will also need to apply for Director ID Numbers via ASIC to complete the creation of the corporate trustee. We are unable to help in circumstances where ID checks cannot be successfully completed.
Accountants cannot create an SMSF Deed as this is a legal service – this must be done by a registered practising lawyer. SMSF Australia partners with a specialist law firm who work in the Self-Managed Super Fund space to answer any questions a client may have as well as complete all legal work.
The role of an accredited SMSF Accountant is to provide advice on the administration, accounting, taxation, and ongoing compliance obligations of a Self-Managed Super Fund. This includes all the reporting obligations and general paperwork and process support that you can imagine but specifically excludes advice on investment allocations.
If you are looking for support as to what investment best suits your individual circumstances, then this is a question best posed to a financial planner who will be able to support you in choosing an investment selection best suited to your individual requirements.
A lot of Self-Managed Super Funds are created with the purpose of purchasing direct property whether residential or commercial. These properties can be purchased directly within the Self-Managed Super Fund with all the corresponding income and expenses being paid in and out of the SMSF.
One strategy favoured by many business owners is to buy a commercial property in their SMSF which is then rented to their own company at fair market value. If the transaction is done at arm’s length rates and the correct paperwork is completed the ATO has found that this does not breach the sole purpose test.
An SMSF can also buy normal residential property such as a house or unit, but it is unable to rent these to the members or any related party to those members.
If the Deed has the appropriate clauses to allow the SMSF to borrow it may do so via the use of a Bare Trust arrangement whereby it can take out a mortgage on real property, either residential or commercial, under certain strict conditions. Under a LRBA the fund can also borrow for a particular parcel of shares or other fixed asset under very stringent conditions.
The big four banks do not lend funds in the SMSF space since the royal commission into the banking sector and thus all loans to super funds are now provided solely by second-tier lenders such as Liberty & La Trobe.
These second-tier lenders generally charge higher interest rates for SMSF loans by one to two percentage points and have higher fees for the setup and maintenance of the SMSF loan.
You can buy Cryptocurrency in your SMSF provided that the investment strategy that you have prepared allows for these holdings. There is also a plethora of other rules to keep in mind, the most important being:
Crypto in an SMSF is an evolving area with a multitude of complexities which are generally caused by the ATOs viewpoint on how these assets should be treated.