SMSF Accountants Melbourne - Self-Managed Super Fund Specialists

SMSF Accountants Melbourne

SMSF Accountants Melbourne

Self-Managed Super Funds provide an unparalleled degree of flexibility for trustees allowing them to invest in a broad range of assets including direct property, cryptocurrency, shares, managed funds, bullion, private company shares, and much more.

This flexibility has driven the ongoing demand for SMSFs with over one million active SMSFs in Australia across a broad range of demographics. Our accredited SMSF Accountants in Melbourne are specialists in the super space and are experienced working with clients at all stages of their super journey.

We use the Class Super platform as the core technology for our SMSF accounting – Class Super allows for data feeds and other automation tools to keep your compliance as efficient and cost-effective as possible. The use of Class Super is also complimented by our own customised internal systems that allow us to automate much of the hark work so that we can focus on delivery a technically excellent but cost effective service.

Automating SMSF Administration

Taking control of your retirement savings through an SMSF can be a rewarding but challenging experience for many clients.

The upsides of being able to invest in a broader range of assets than traditional superannuation offerings while controlling your financial destiny can be appealing.

However, it is important to understand the obligations and rules imposed on funds and enforced by the ATO.

Our firm boasts a passionate team of SMSF accountants supporting clients with ongoing compliance and advisory services. Our primary goal is to relive the stress that can be accompanied with managing your own super. We work closely with clients on a range of superannuation services helping you ensure when you are making any decision that you are dealing with your self-managed super fund in a compliant manner while you invest to secure your financial future. 

Our services are built on automation technology and technical experience – providing the most cost-effective service we can. Our firm is independently owned and managed – we regularly collaborate with our clients own personal accountants or financial planners to ensure your long-term financial goals are matched across all your assets.

Tax Practitioners Board Registered

Contact Us

If you’re interested in learning more about our 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 or alternatively call us on (03) 9117 0283.

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

Give us a call on (03) 9117 0283 or fill in the form above

Contact Us

If you’re interested in learning more about how we can help you to manage your SMSF 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 or alternatively call us on (03) 9117 0283.

Contact Us Melbourne

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Self Managed Super Fund Accountants

Our experienced SMSF Accountants servicing Melbourne and the wider Victorian area have completed their specialist qualifications via the Tax Institute of Australia. The Chartered Tax Adviser badge is earned by accountants and lawyers who decide to focus their efforts within the superannuation and tax environment.

The firm is led by the three founding directors, Emily Cooper, Luke Edwards & Christopher Overton, all accredited SMSF Specialists with the SMSF Association of Australia. Outside of our core accounting staff, we also have a practicing lawyer sitting on our advisory board as a permanent member of the firm who provides legal and technical support to our team and clients on complex legal issues should they arise.

This blend of legal and accounting expertise allows us to handle complex SMSF issues with relative ease and support clients regardless of the difficulty of their situations. This holistic approach is not generally found amongst any other Self Managed Superannuation Fund specialists in Australia – the breadth of legal talent along with accounting knowledge on our team is unique. 

Our clients feel supported and know that our passionate team will always have their best interests at heart.

SMSF Accounting Services

SMSF Australia’s team of accountants based in Melbourne assist with the complete range of SMSF services – from initial setup through to eventual wind-ups. Our pricing model is inherently simple.

We use fixed price quotes for simplicity – you’ll always know what our fees are in advance. Over 90% of our clients pay $1,300+GST for their annual works.

These annual costs include:

  • The award-winning SMSF Software system, Class Super
  • Annual accounting work including financials and tax return
  • An Independent auditor of the fund

Keep in mind that all funds have to be audited annually by an independent, ASIC registered, SMSF Auditor. This auditor will review the deed, investment strategy, and compliance documents as well as the financial reports, tax return, and supporting documents. We have a panel of local auditors we work with who provide significant cost savings to our clients due to the volume of work we are able to send them as a wholesale provider. 

SMSF Audit – SMSF Rules and Regulations

All self-managed superannuation funds require an annual audit of the fund as part of the annual administration services. This must be conducted by an independent, ASIC licensed auditor who will review the overall fund management. This does not mean they get to question decisions made by the fund provided that they are following the rules under the Superannuation Industry (Supervision) Act 1993 and associated legislation.

As part of the audit they will review the SMSF Trust Deed, the investment decisions of the SMSF trustees and compare then to the written SMSF investment strategy along with reviewing the investments made by the fund to ensure they do not breach the SMSF rules and regulations. They will also check that the fund still passes the residency requirements as the fund must be based in Australia and if the members do not live in Australia for a period of time this may effect the residency status of a fund.

If you are planning to leave Australia for material length of time and continue to run the fund then please let us know beforehand for some expert SMSF advice on how best to ensure your fund remains compliant. 

Experience SMSF Advice and Services

Our SMSF accountants offer a range of services for the Melbourne market:

  • General SMSF administration using the Class Super platform.
  • Leveraging our internal toolkit along with the native functionality in Class to reconcile your transactions in line with regular reporting requirement to meet your ongoing SMSF accounting needs. 
  • Drafting all government lodgements, inclusive of:
    • Your annual tax return for your SMSF showing the SMSF members balances.
    • Complete business activity statements for funds that are registered for GST
    • Lodging Instalment Activity Statements and PAYG notices as required
    • Transfer Balance Account Reporting (TBAR)
  • Preparing the financials and external audit paperwork. 
  • Preparing all statutory documents required in the administration of the fund.
  • Ongoing professional advice and training to fund members from our licensed Self Managed Super Fund accountants.
  • For clients who have retired and are at pension age, we will assist in the calculations of your minimum draw-down requirements and prepare the associated pension documentation.
  • When it is time to wind up the fund for the client or the beneficiaries under their will we assist with the final returns and the withdrawal or transfer of the remaining funds.
  • If a client is looking to start their fund, we assist with the SMSF Setup process and any documentation that is required to be compliant.

SMSF Tax Returns & Taxation Advice

All funds need to lodge an SMSF tax return annually to the Australian Taxation Office. The tax return itself reports the financial performance and position of the fund to the government along with the member’s balances. This tax return cannot be lodged without the inclusion of an independent auditor’s report confirming whether the fund had any contraventions during the financial year.

The due date of the SMSF Tax Return will depend on the age and size of the fund and its compliance history with the ATO.

For first-year funds, it must be lodged by the following 28th February after the end of the financial year as the ATO tends to keep a close eye on new funds to ensure that members are fully aware of their obligations.  For most funds, the average lodgement deadline is extended further to the 15th of May although we do encourage clients to never leave their lodgements to the last minute as it tends to put a lot of pressure on the fund and risk potential late lodgement and penalties. 

SMSF Deeds

The SMSF Deed is the legal backbone of the fund which enunciates the legal relationships between the trustee company, and the members and creates rules that the must be followed in the administration of the fund.

All SMSF Deeds should be regularly reviewed as successive governments over the last few decades have made innumerable legal changes to the superannuation environment which may negatively affect older deeds.

As part of our standard onboarding process, our team will conduct a quick review of a client’s existing deed and let them know if there are any causes for concern that arise from that.

In situations where the SMSF deed does appear dated then we recommend engaging a specialist SMSF Lawyer to review the deed in detail and advise on the pathway to creating an amended deed for the fund.

This process is not particularly expensive or difficult to organize and will protect the trustees from the risk of noncompliance with the fund.

SMSF Services

SMSF Australia provides services either to clients directly or on a white-labelled basis to other firms who may lack the resources to be able to administer their client’s SMSFs on a cost-efficient, high-quality basis. This wholesale work involves completing all the client’s work on our customised Class Super platform while giving the firm we are working with live access to their clients’ files.

We can then complete the tax lodgement either using our Tax Agent Number or that of the accounting firms depending on their personal preferences.

Alongside our strong wholesale offering, we also assist trustees of the fund directly with their Self-Managed Super, providing SMSF Accounting Services for clients throughout Melbourne and wider Victoria.

Our services are not designed to be the cheapest in the market but are designed to offer a competitive value for money solution. Our team’s high-level technical excellence coupled with a customised automated toolkit provides SMSF Australia a large competitive advantage..

Accountants in Melbourne

Our niche accounting company partners with other full service accounting firms and chartered accountants across Australia who want to outsource their SMSF funds to a specialist provider. We seek to build long-term partnerships with the firms we work with – ensuring that their clients are being looked after professionally and with your values and ethos in mind. Our team of lawyers and accountants aim to always be the safe hands that assist you with keeping up to date with superannuation and taxation laws, provide ongoing professional SMSF services to your Melbourne clients and assist you with a holistic range of advice and services. 

Financial Planners – SMSF Investment Advisers

Our firm has a network of financial planning firms and specialist Advisors whom we work closely with to support their client’s self-managed super from a compliance viewpoint.

As our business actively excludes financial planning within our model there is no overlap in work between SMSF Australia and the financial planning partners we work with. While the planners provide full financial consultations to clients including investment advice, statements of advice, retirement planning and other invaluable support regarding investment decisions along with being responsible your Self-Managed super fund strategy we provide the compliance support including tax returns, tax advice and  informing the team of changes to superannuation which may effect your decisions. 

All the planners we work with, regardless of the source of our client relationship, are given live access to their client’s data via a separate login to the Class Super portal.

This means that they can request reports, view current income levels and review transactions on a live basis rather than waiting for periodic reports to be issued.

Speak to a Melbourne SMSF Specialist Today

Talk to our friendly team to see if we can help you with your SMSF fund today!

Please fill in your details on the contact form or give our office a call and we would be happy to book in an obligation-free discussion about how we can assist you moving forward.

Frequently Asked Questions

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

The cost of starting an SMSF in total is $2,000+GST.

The costs included in this setup fee are:

  • The Australian Securities and Investment Commission fee for creating a corporate trustee of $576.
  • The Class Super Platform fee of $280 for the first year, this is an annual fee for the use of their software platform.
  • The legal costs for the creation of the SMSF Deed and Corporate Trustee Paperwork including the company’s compliant constitution along with consents and minutes.
  • The accounting costs for the setup of the fund, the creation of the electronic service address (ESA) so the fund can legally receive contributions, and the ATO registrations including the TFN and ABN.
  • The cost also includes SMSF Australia’s support in rolling any of your existing superannuation into your SMSF bank account.
  • To see a full cost breakdown, visit the following link

What is the Process for Setting up a Self Managed Super Fund?

Trustees can instruct an accredited SMSF accountant to set up their fund only if all the members within the fund can pass the government-mandated ID checks – along with singing all the relevant documentation, including:

  • The Deed
  • Consents
  • Declarations
  • Minutes

If you can’t provide photo ID that matches your government records, we will not be able to assist you in creating an SMSF. The identity checks are quite detailed to prevent identity theft or fraud against Australians so although the rules may seem draconian they are in place to protect everyone. 

There is an element of legal work that goes into setting up a SMSF. At SMSF Australia, we partner with a Specialist SMSF Law firm who completes the Deed along with creating the constitution for the corporate trustee. Feel confident knowing that all your documentation is being processed by an industry professional.

All the members of the corporate trustee company are also generally required to be directors. Due to this you will need to apply for a Directors Number ID. These ID numbers are linked to the individual director and will follow them to all companies they choose to be directors of in the future.

Can accountants provide SMSF advice?

Our responsibility as Specialist SMSF Accountants is to assist you in dealing with an SMSF including advice concerning the ongoing accounting, compliance, and tax obligations of your fund.

We can advise on all areas of tax and compliance with the SIS Act; however, we cannot provide advice on investment choices or portfolio allocations. We are not financial planners and are not legally qualified to provide financial advice.

If you have investment related questions, seek out an ASIC licensed financial planning firm who will be able to better assist you in allocating your portfolio – financial planners will consider your personal circumstances and create the best plan for you!

Can I purchase property in my SMSF?

Yes, it is perfectly legal to purchase property in your SMSF and many funds are set up for that exact purpose, to allow you to choose your own investments based on your personal wishes and beliefs. You can purchase either residential or commercial property depending on the will of the trustee and the of course the rules they have laid out within their investment strategy. You can also choose to meet with a financial planner to ensure that a property investment takes into account your personal objectives although this is certainly optional. We have seen many clients work to create a property strategy and then sit back to allow the portfolio to grow in value. Although our team will handle all the compliance side to ensure that you keep adequate records and generally follow best SMSF practice we do not offer advice on investment decisions or individual property selection. 

It is important to remember that an SMSF must be for the sole purpose of providing retirement benefits to its members. This means you cannot purchase a holiday home or other residential property through an SMSF and use it yourself at any time or have it used by your family. The members of an SMSF may not use or benefit from the property in any way, every investment must ultimately be aimed to secure your future prosperity. The only potential exemption here is that business owners may be able to lease a commercial property from their own fund, to learn more about this process checkout our detailed resources on Property purchases

How much can my SMSF borrow?

Self-Managed Super Funds are generally forbidden from borrowing funds with an exception of under a Limited Resource Borrowing Arrangement.

Using a legal instrument known as a Bare Trust, an SMSF can take out a mortgage on an investment property, but under strict conditions and only if allowed by the SMSF Deed and Investment Strategy of the fund. This red tape was designed to reduce the potential of loss or damage suffered by the fund in the event of a default on the mortgage although there is not necessarily a lot of evidence that this was successful as much as just creating additional paperwork. 

As far as where to borrow the funds, all four of the big banks in Australia have withdrawn from lending in the super space after the Royal Commission having deemed the superannuation environment too high risk. This makes the process of securing a loan slightly more hard work as funds seeking finance are required to go to second-tier lenders such as La Trobe or Liberty – resulting in a higher interest rate. It also tends to be harder to refinance a loan in an SMSF compared to an individual or business loan.

As a typical rule, these second-tier lenders will lend 70-80% for the purchase of a residential investment while only 60-70% on the purchase of a commercial investment property when they are being purchased within an SMSF structure.

Keep in mind that this is only a general rule, and you should speak to a licensed mortgage broker to get an idea of your borrowing power and position.

Can I buy cryptocurrency in my SMSF?

Yes, you can buy cryptocurrency in super, but you need to keep in mind that the government treats all crypto investments as an asset and not a currency from a taxation viewpoint. This means that any transaction within the Crypto space is considered a purchase and sale for tax purposes.

For example, if you move money into a US stable coin and then move the US stable coin to Bitcoin, you will have a taxable event on the sale of the US Stable Coin which will result in a profit or loss regardless of the fact you never received Australian Dollars.

This means that the record-keeping requirements for SMSFs in the Crypto space are of particular importance.

Another important rule is that the account on the exchange must be set up in the name of the fund/its corporate trustee and not in the member’s name. You must also make sure right SMSF setup was completed and the investment Strategy allows for crypto investments.