Numerous Australians have decided to setup a Self-Managed Super Fund due to the flexibility and independence they offer members. SMSFs enable trustees to take control of their retirement and manage their funds in accordance with their own investment attitudes and methods.
Our SMSF Accountants Hobart provide a specialist SMSF accounting experience assisting with the setup, wind up and most importantly, the ongoing administration of your self-managed super fund. We have experience with the full range of investment options open to trustees including direct property, unlisted and listed shares, private loans, bullion and other precious metals, managed funds, unit trusts, cryptocurrency, and even collectibles.
We’ve combined our own customised automation tools in conjunction with the premier superannuation software, Class Super, to provide a streamlined experience for our clients where the majority of the data is automatically fed into the system. Our SMSF Accountants Hobart will help keep your documents in order and in-line with SMSF requirements set out by the ATO so all you need to do is decide how and where to invest your money.
Our SMSF Accountants will be there with you every step of the way. As a niche superannuation firm, our staff are SMSF specialists who won’t interfere with other advisors you choose to hire. In fact, we’ll happily collaborate with them as part of your financial support team, be it a financial planner, your mortgage broker or even a business or personal accountant. We’re a team of passionate superannuation experts with decades of combined experience in the field, assisted by a practising SMSF Lawyer to help support our clients with complex or specialist legal needs related to their fund.
We’re here to help with the administration of your fund and our holistic approach is based on the dual foundation of automation and technical excellence that will support the super fund that in turn supports your larger financial goals. In addition, numerous employees and directors are Chartered Tax Advisers, demonstrating their expert tax understanding. When working with SMSF Australia, you can rest assured that you are not dealing with generalists, but rather professionals who are passionate about working in the super arena and have experience resolving complex super scenarios, ATO questions, and challenging compliance issues.
Our team is fortunate to have a practising SMSF Lawyer on our board who specialises in the superannuation industry and is able to assist clients whose SMSF encounters complex legal challenges. This convergence of legal and accounting expertise enables SMSF Australia to address complicated challenges with relative ease and effectiveness.
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 (03) 6142 3057 or fill in the form above
SMSF Australia assists with the entirety of a Self Managed Super Fund’s lifespan, from initial setup to eventual wind-down. The crew is enthusiastic and knowledgeable about guiding clients through the full process and assisting them in remaining compliant. The Class Super platform is based in the cloud meaning we have remote access to your fund’s data in real-time, no matter where you are. Using the latest in digital technologies like Zoom and Microsoft Teams, our meetings can come to you so you save time and money without needing to travel.
We do all of our work on a fixed-price basis in order to give our clients with complete transparency throughout the process. If you want to engage with us, we will analyse your file before to beginning work and provide you with an estimate of the annual cost to finish the project. It is worth noting that the vast majority of our clients pay no more than $1,300 (plus GST) annually for their accounting, audit, financial statements and tax submission. SMSF Australia is committed to providing our clients with fully transparent fees. For a full breakdown of our costs and services, visit our SMSF Pricing page for more information or contact us for a no obligations quote.
All SMSFs in Australia are required to be audited on an annual basis to ensure that the fund meets compliance requirements set out by the ATO. This must be performed by an auditor who is registered with ASIC and is independent from the fund and from the accounting firm who completed the financial statements and tax return.
While we cannot perform the audit ourselves, our role is to organise the audit file and assist every step of the way to help alleviate the stress and hassle associated with the audit.
Your SMSF Auditor is required to review numerous financial and compliance documents including:
To read about the audit preparation process in more depth, head over to the SMSF Audit Services page or get in touch with us regarding any specific questions you may have.
Another annual requirement of a self-managed super fund is the completion of a tax return to the ATO at the end of the financial year. This is no different to any other tax-paying individual, business or corporation.
When the independent auditor deems your SMSF compliant, they will provide a signed audit report meaning which is lodged as part of the tax return. This needs to happen no later than 28th of February after the end of the financial year for first year funds. For mature funds the cut off is 15th of May, however to help ensure that new funds are operating correctly, the ATO brings this date forward for newcomers to help avoid any possible penalties. These deadlines are brought forward for clients who decide to attempt to DIY their SMSF accounting, for a full list of the ATO deadlines please checkout the ATO website.
For first year funds that did not trade or have any assets during the financial year a Return not Necessary can be lodged with the ATO to avoid fees and charges. This is because a SMSF is not legally constituted until assets are set aside for the members’ benefit. The ATO systems will not accept an annual return for an SMSF with no assets or no closing member account balances unless the return is for the year the fund was wound up.
The SMSF Deed is a core component of your fund and defines the relationship between the SMSF members and the trustee company itself. It creates a set of rules that govern the administration of the fund, ensuring that it keeps to requirements of the SIS Act and Regulations.
Because it’s a legal document, the SMSF Deed must be reviewed regularly by a lawyer, particularly one who specialises in the SMSF space. With an SMSF Lawyer on board at SMSF Australia, one of the first services we provide as part of our services is to go over your existing Deed and notify of any recommended changes. Failure to have a compliant SMSF Deed will see things come unstuck at audit time so making sure it’s kept up-to-date is a simple thing we can do to avoid any unnecessary trouble down the track.
Our SMSF staff are not financial planners, and we don’t pretend to be. We’re experts in super taxation and can advise on any investment you can think of from that taxation and compliance viewpoint, but we are not financial advisers, and our crystal ball is not good enough to comment on any particular market, property, asset, industry or stock.
For clients with financial planners we are happy to work directly with them to make things run smoothly giving your adviser their own login credentials for our Class Super platform so all your data is held conveniently in the one spot without the need of sensitive files to be emailed between parties on an ad hoc basis.
Would you like to learn more about our SMSF Accounting Services? Reach out to us today for a no obligation confidential quote on how our SMSF Accountants Hobart can assist with your plans!
Fill in your details on the contact us form or give us a call and one of our friendly team of SMSF Specialists will be happy to assist!
The total setup cost including all fees and charges so you are 100% setup and ready to go is $2,000 plus GST
This total cost gets you:
The first step to setting up your own self-managed super fund is to get in touch with one of our friendly SMSF Accountants Hobart. They’ll guide you every step of the way from choosing a name for your fund to rolling over existing superannuation into the new bank account.
The basic process which we can help you complete is:
Then you are ready to go ahead and execute your investment strategy!
You may have seen this term thrown around several times by now and be wondering what it means. Put simply, your Investment Strategy is a document outlining the how and the why of your investment choices. Having a current Investment Strategy is a legal requirement of all SMSFs and the existence of such a document is something we review when preparing for your annual compliance audit.
Keep in mind your SMSF investing strategy should be documented and adapted to your fund’s individual circumstances. It should not be a repetition of the law. It should describe how your investments align with each member’s retirement goals. Relevant member factors include their risk appetite, age, employment situation, and estimated retirement demands. For more information about how an SMSF Investment Strategy works checkout the ATO website which has some fantastic information about how it work.
Keep in mind our role is not to judge the appropriateness of your investment strategy but rather just the fact that it exists. If you are looking for advice as to the content of the investment strategy, we recommend consulting with an experienced ASIC licensed financial advisor.
While there are some stipulations surrounding the holding of property in an SMSF, the short answer is: yes, you can. You’ll need to have this asset class listed in your Investment Strategy (or have it updated if it’s a new decision) and consider the obligations pertaining to leasing and occupancy, regardless of whether it is a residential or commercial building. You can only purchase real estate through your SMSF provided you follow the requirements.
First, the property must satisfy the “single purpose test” by serving as the exclusive provider of retirement benefits for fund members. It cannot be acquired from a member’s related party and cannot be inhabited by a member or a member’s related party. It may not be rented by a member of the fund or their relatives. If your SMSF acquires a commercial property, you can lease it to a fund member for their business. However, it must be rented at market rates and in accordance with certain regulations.
We’ve written a blog about the specifics of SMSF property investment so be sure to check it out if you’re considering this venture.
Using a Bare Trust, your SMSF is also able to borrow money for purposes such as a mortgage on an investment property, but you must have this asset class and borrowing options listed in both your SMSF Deed and Investment Strategy.
In recent years, the Royal Commission ruled the superannuation space too risky an operation for money lending and so the big four banks are no longer able to work with SMSFs in Australia. Should you choose to take out a mortgage with your SMSF, you will need to go through a second-tier lender and unfortunately be subject to higher interest rates. You might also find that it’s a lot harder to refinance this loan in the future should you need to, so it’s best to go into this type of investment after thorough consultation with a licensed mortgage broker.
Yes, you can purchase cryptocurrency like Bitcoin provided you’ve included it in your Investment Strategy. However, due to the evolving nature of crypto and SMSFs, it does add a level of complexity to your fund.
If you’re interested in investing in this asset class, it’s worth noting that the ATO does not view crypto as a currency and so the conversion of one Crypto to another, eg. Bitcoin to Ethereum is taxable in the same way sales to AUD or other currencies. You’ll also need to make sure you register your crypto exchange account name under the name of your corporate trustee or SMSF rather than your own.