Self Managed Super Funds are a unique investment vehicle which allow members a vast amount of flexibility in how their retirement savings are managed based on their own principles and predictions of the market.
This flexibility allows trustees to invest directly in a diverse range of assets such as property, both residential and commercial, listed and unlisted shares, managed funds, cryptocurrency, precious metals and many other unique asset classes.
The key principle for trustees using a Self Managed Super Fund is that they are still controlled and curtailed in their investment choices via the Superannuation Industry (Supervision) Act 1993.
These rules provide boundaries on your investment choices and are designed to ensure that no trustee is taking money unlawfully from their fund, in effect stealing from their future self. These rules make it important for trustees to work closely with their SMSF Accountant to ensure their fund remains compliant with the latest legislative changes and ATO mandates.
Why Use Us?
Our firm is built on the twin pillars of software automation and technical excellence. Our team includes accredited SMSF Accountants and practising SMSF Lawyers. The firm is dedicated to using the very best automated cloud technologies that allow us to keep costs down for our clients while offering unparalleled technical excellence regardless of the complexity of the fund.
We are passionate about the SMSF space having chosen to build a firm completely dedicated to this one niche area. Our blend of legal and accounting talent allows us to handle complex matters for our clients such as contraventions, asset splits, ATO queries and advice on unique asset classes.
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 (02) 8246 7257 or fill in the form above
Our SMSF Accounting services cover the entire SMSF lifecycle from an SMSF Setup through to ongoing accounting works and eventual SMSF wind ups. Regardless of where you are in the process our team is here to work with you to make the process as smooth and simple as possible.
We have a very simple pricing model which is explained in detail on our pricing page. In basic terms we have fixed fees which are quoted in advance starting from $1,300+GST per year.
Using the pricing table on the link above most trustees can easily work out what they will be charged before they even meet with us but of course, we confirm all quotes before we start work.
All Self Managed Super Funds need to have an annual audit prior to being able to lodge their SMSF Tax Return with the tax office. The SMSF Auditor needs to be licensed by the Australian Securities & Investment Commission and be able to show they are independent both from the fund which they are auditing along with the accounting firm that is lodging the return.
We work with numerous SMSF Auditors that assist our client base with this annual auditing requirement. We liaise directly with the auditor on behalf of our clients and provide them with all the information electronically, so the process requires as little time and energy on behalf of the trustee as possible. If you would like to learn more about when needs to be provided, please see our SMSF Audit page for more information.
Every Self Managed Super Fund must lodge a SMSF tax return with the Australian Taxation Office each financial year. The financial year ends on the 30th June and the SMSF tax return is due by the 15th May of the following year in circumstances where a trustee is lodging via a registered tax agent like ourselves.
For first year funds this due date is moved forward to the 28th February as the ATO tends to keep closer watch on new funds to ensure the trustees are on top of their new compliance obligations.
Your SMSF tax return is a composite of your fund’s financial performance, financial position and compliance status including a sign off by your SMSF auditor.
The ATO will then check with the SMSF auditor as the end of each financial year to ensure that they did legitimately complete the fund per the lodged documents. The ATO will then review the return, the auditors report if any and be in touch with any compliance issues that have arisen. If a fund is deemed non-compliant the ATO can: leverage additional taxes against the fund; force the trustees to undertake mandatory training; or in extreme cases, force the SMSF to close and ban the trustee from managing their own super again in the future.
This generally would only occur in situations where the trustees have flagrantly ignored the rules and stolen money from the fund.
What is an SMSF Investment Strategy?
All funds must have an SMSF investment strategy that outlines how the fund chooses to invest. This is up to the trustee of the fund to complete and is reviewed by the auditor each year to ensure the trustee has made investment decisions in line with their written SMSF investment strategy. Checkout this ATO video on how SMSF investment strategies work for more information to help you develop your own unique document. We also provide a template based on the ATO requirements to all our clients as a starting point for them to develop their own personalised strategy.
The SMSF Setup process includes the creation of a company to act as a corporate trustee along with an SMSF deed prepared by a specialist superannuation lawyer. This creates the legal foundation for the fund which can then apply for a Tax File Number and ABN from the tax office along with complying SMSF status allowing us to roll your existing super funds into your SMSF.
We assist with the entire SMSF setup process including the company, SMSF Deed, tax office registrations, compliance documents, creating the Class Super file and activating the Electronic Service Address. Checkout our services page for more information about the SMSF Setup process.
Yes, one of the benefits of a Self Managed Super Fund is that it can purchase direct property. It has the ability to own commercial or residential propriety either freehold or getting a loan using a legal instrument known as a bare trust. Keep in mind that the major banks have all withdrawn from lending in the SMSF space since the royal commission so you will need to work with your mortgage broker to approach a second-tier lender to get finance which tends to be at a higher interest rate than a traditional mortgage.