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SMSF Australia - Specialist SMSF Accountants Canberra

SMSF Accountants Canberra

SMSF Accountants Canberra

Over one million Australians have chosen to invest via their own Self-Managed Super Fund due to the flexibility offered by this unique structure. An SMSF allows trustees of all ages the ability to take control of their future financial security by choosing how, when and where to invest their retirement money, be it in residential or commercial property, shares (listed or unlisted), precious metals, loans or even digital assets.

With the support of our team of SMSF Accountants Canberra, we’ll ensure that your investments adhere to the rules set out by the Superannuation Industry (Supervision) Act 1993 while still allowing you to make decisions according to your own beliefs. We work with trustees to ensure they keep the auditors happy during the annual SMSF Audit by helping to ensure your fund remains compliant with the ATO’s requirements.

Our team uses the industry leading Class Super platform to manage your fund administration via the cloud, meaning you can see your investment data in real-time. Coupled with automation tools designed by our own team of specialists, we can provide unparalleled services at affordable prices.

Whether you’ve been managing your own fund for a while now or looking to get started our SMSF Accountants Canberra are here to help!

Why Choose Us

Our SMSF Accountants provide a service founded on technical excellence and automation delivering high level accounting solutions to SMSF trustees throughout Australia. Led by Founding directors, Christopher Overton & Emily Cooper, our national team of accredited SMSF Specialists have unparalleled knowledge and experience in the superannuation sphere.

With a practicing SMSF lawyer sitting on the board, our team is up to date on the complex legal environment affecting SMSFs so you can rest assured that even the most complex superannuation scenarios are covered by our team’s depth of experience. Our team will happily work together with your broker, financial planner, and personal/business accountants to ensure all your advisers are working together seamlessly to assist you to meet your goals.

Our team have also completed training through the Tax Institute of Australia having gained their Chartered Tax Adviser or Fellow of the Tax Institute designations so you can have confidence that our team are industry leaders in superannuation. Our goal is to provide stress-free, cost-effective service based on the twin pillars of software automation and technical excellence means that you will not find a more competent team overseeing your SMSF in the Canberra region.

Contact Us

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.

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Do you want to learn more about our SMSF Accounting Services?

Give us a call on (02) 5112 2308 or fill in the form above

Contact Us

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.

Contact Us Canberra

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SMSF Accounting Canberra

Using remote access technology such as Zoom, Microsoft Teams and Class Super, our SMSF Specialists are at your side to deliver accounting services to clients throughout Australia. We’re here to help from start to finish, with experience covering the initial setup to eventual wind up of your SMSF.

Our transparent SMSF Pricing model gets you a full suite of accounting support to help fulfill your annual obligations as the trustee of the fund and maintain compliance with the ATO’s requirements.

Services include:

  • SMSF establishment and administration through the Class Super cloud platform
  • Drafting and submitting ATO lodgments that may be required, such as:
    • TBAR Reports
    • IAS/BAS Reporting
    • Financial Statements
    • Tax Returns
  • Preparation of documents for the mandatory annual external audit
  • Advice regarding minimum pension withdrawal obligations

More than 90% of our clients pay only $1,300 (plus GST) per year for their annual accounting, audit, and tax returns.

SMSF Audit Services

Self-Managed Super Funds are required to submit an annual tax return to the ATO just like any other tax paying entity. Once the independent audit has been completed and the tax return signed off by the auditor, the return is ready to be lodged as a compliant fund for the financial year.

The deadline for an SMSF to lodge its tax return may vary depending on its age, size and compliance history with the ATO. Generally, the last date to lodge is 15th of May, however first year funds generally need to be completed by 28th of February after the end of the financial year.

Regardless of your experience with SMSFs, we encourage all clients to never leave their lodgments to the last minute to avoid additional pressure and increased risk of potential penalties with the ATO.

SMSF Tax Return

Self-Managed Super Funds are required to submit an annual tax return to the ATO just like any other tax paying entity. Once the independent audit has been completed and the tax return signed off by the auditor, the return is ready to be lodged as a compliant fund for the financial year.

The deadline for an SMSF to lodge its tax return may vary depending on its age, size and compliance history with the ATO. Generally, the last date to lodge is 15th of May, however first year funds generally need to be completed by 28th of February after the end of the financial year.

Regardless of your experience with SMSFs, we encourage all clients to never leave their lodgments to the last minute to avoid additional pressure and increased risk of potential penalties with the ATO.

SMSF Deeds

An important component of any SMSF is the SMSF Deed which is the legal backbone of the fund forming the relationships between the trustee company and its members. This deed will also stipulate the rules that must be followed in the administration of the fund under the SIS Act and associated regulations. Although often overlooked, it is important that the Deed be regularly reviewed by a legal professional.

Keeping the Deed updated is an inexpensive and simple step to maintain compliance of your fund come audit time.

Financial Planners

Our team of SMSF Specialists are experts in all the accounting elements of superannuation but we are not planners! We work with numerous financial planners throughout Australia who can give you advice regarding how and where you should invest your funds and other financial advisory matters. The client’s financial planner will always be given live access to their client’s files via the Class Super cloud platform, resulting in smooth, seamless collaboration across the clients’ advisers.

SMSF Australia’s business model specifically excludes financial planning and so you are welcome to bring your own advisor on board or we can recommend you to someone we have worked with previously. Because there is no overlap in services you know we are not making commissions or have any split remuneration concerns. We are independent accountants, plain and simple.

Speak to our SMSF Accountants Canberra today

Ready to take your first steps into the world of Self-Managed Super Funds? Or are you seeking accounting services for an existing SMSF? Reach out to our passionate and friendly team today to discuss your SMSF plans. We’ll provide you with a no-obligation, confidential quote to help support your decision.

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!

Frequently Asked Questions

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

The cost of establishing your SMSF in Canberra (or anywhere else in Australia) is $2,000, plus GST. This setup fee covers the entire range of services required to get your fund ready to invest, no hidden extras.

This establishment fee covers:

  • ASIC fee for the corporate trustee.
  • Annual fee for Class Super platform and Electronic Service Address (ESA) so your fund can receive contributions.
  • The accounting and legal costs of creating the SMSF Deed.
  • ATO registrations, including TFN and ABN.
  • Compliance paperwork.
  • SMSF Australia’s support in rolling over any existing superannuation into your new SMSF bank account.

Your annual tax returns and ongoing work will then incur an annual fee dependent on the complexity of your fund and what you choose to invest in. For a complete and transparent cost breakdown, visit our Pricing page and review our various packages.

How do I set up a Self-Managed Super Fund?

When you decide to establish a self-managed super fund with SMSF Australia one of our specialist team members will guide you through the process. This includes:
  • Creation of the SMSF Deed via an SMSF Lawyer
  • Creation of the corporate trustee of the fund, including registration with ASIC
  • Rolling over any existing super funds which members may choose to include in the new SMSF
  • Setup of your Class Super license and login, allowing us to track your SMSF’s income and expenditure, as well as members’ balances and activity.
For a more detailed overview of the SMSF establishment process, have a read of our SMSF Setup Services page.

What is an SMSF Investment Strategy?

An integral component of your SMSF is the Investment Strategy. This legally required compliance document should explain why you’ve chosen your investments and how they will benefit you and your retirement goals.

Your Strategy can be updated whenever appropriate to your circumstances and is reviewed during the preparation for your SMSF Audit. However, as we are not financial advisors, we will not judge the correctness of your Investment Strategy, but rather that the existence of such a document meets the compliance requirements set by the ATO.

For more information regarding the SMSF Investment Strategy and what it should include, check out the ATO’s comprehensive guide to getting started.

Can accountants provide SMSF advice?

Our specialist accountants at SMSF Australia are here to oversee the administration of your SMSF. That means they can provide assistance and advice on the creation, operation, compliance and wind up of your self-managed fund, along with any ongoing tax planning and support you may require. They cannot, however, provide advice regarding your investment allocations as that is outside of our role.

 

Can I purchase property in my SMSF?

Yes, you can! As long as property holding is included in your Investment Strategy, you can purchase property in your SMSF whether residential or commercial. There are a few more rules and legal obligations to keep in mind, however, particularly regarding occupancy and leasing of both commercial and residential buildings.

Want to learn more about property investment in your SMSF? Check out our blog discussing the ins and outs of this undertaking.

 

Can I buy cryptocurrency in my SMSF?

With a lot of talk in the news lately about cryptocurrency such as Bitcoin you may be wondering if it is something you can buy in your SMSF.

If you have included this asset class in your Investment Strategy, you can invest in cryptocurrency provided that:

  • The cryptocurrency exchange account name is the same as the SMSF or the corporate trustee and NOT under the name of an individual.
  • The sale of every cryptocurrency is treated as a taxable event, just like stocks and shares. This is because the ATO treats crypto as an asset, not a currency.

Purchasing crypto in an SMSF is still an evolving area and accurate record-keeping for this asset is essential.

 

Can my SMSF Borrow Money?

Yes, your SMSF can borrow money however you must use something called a Bare Trust in order to do so. This legal instrument allows an SMSF to take a mortgage out on an investment property but only if included in the SMSF Deed and your Investment Strategy.

Unfortunately, because the Royal Commission deemed lending in the superannuation space to be too risky, Australia’s big four banks will no longer lend to SMSFs.  This means, clients seeking to borrow money through their SMSF will need to use a second-tier lender such as Liberty or La Trobe, meaning they will be subject to higher interest rates.

A good thing to keep in mind is that it also tends to be harder to refinance a loan held in an SMSF than a standard individual or business loan. So, before heading down this path, it’s best to speak to a licensed mortgage broker to discuss your fund’s unique borrowing power.