SMSF Australia - Specialist SMSF Accountants

SMSF Accountants Perth

SMSF Accountants PerthThere are over a million Self Managed Super Funds in Australia used to enjoy the flexibility of being able to invest in a board range of assets including property, cryptocurrency, bullion, managed funds, unlisted equities, and domestic/international shares.

The growth in SMSFs has continued as the younger generation decides to take a more active role in gaining financial security and the choices that having a degree of wealth brings.

Our SMSF Accountants servicing Perth have had decades of experience working with trustees of all ages and wealth levels to ensure their SMSF is streamlined to make the process as simple as possible.

Our team of SMSF advisers use Class Super, the leading Australian cloud-based administration software which allows for automation of investments via automatic feeds linking your investments into the software system.

This one-way feed allows for data collection without any security issues backed up by the largest publicly listed SMSF software provider in the country.

Take Your Super into Your Own Hands

Self-Managed Super Funds are not for everyone as it is effectively a DIY solution which requires input and ideas from the trustees on how they want their investments managed.

This control and involvement can be fantastic to the motivated investor who cares about their financial future but also brings with it responsibilities and obligations.

Our role as SMSF Accountants in Perth is to help guide you on how best to meet your obligations under the Superannuation Industry (Supervision) Act 1993 and ensure your fund remains compliant. Our team of SMSF Accountants are niche providers. We are here to help with your super fund and will happily work with your individual taxation accountant and financial planner or other adviser to ensure you are fully supported both with your super fund and your wider strategies.

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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 (08) 6313 8718 or fill in the form above

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SMSF Accountants Perth

Why Choose Us

Our accredited SMSF Accountants servicing Perth are required to complete the SMSF Specialist course through the Self-Managed Super Fund Association.

Our team also includes Chartered Tax Advisers and Fellows of the Tax Institute of Australia who specialise in complex tax affairs.

Our team of specialists are not just accountants, they are SMSF specialists with years of experience dealing with difficult scenarios and ATO queries.

As well as accountants we have a practising solicitor sitting on our board providing the firm and clients with legal solutions and guidance in the ever-evolving legal environment.

Qualifications aside, the key reason to choose SMSF Australia is that you know you are dealing with a young and passionate team of accountants and lawyers who love what they do and are here to help you with your fund for the long run.

Perth SMSF Accountant

SMSF Accounting Services

There is a broad range of SMSF Accounting Services we can assist with, depending on what stage your fund is at and what your investment strategy dictates.

We have a flexible service based around our clients’ unique needs while also providing price certainty by giving you an up-front quote on the fees involved including the annual account, tax, software and audit costs.

All audits are sent to independent auditors who are required under the Superannuation Industry (Supervision) Act 1993 to complete the annual audit of the fund and report their findings to the ATO.

Class Super Perth

SMSF Accounting

Our SMSF Accounting services in Perth include:

  • Set up of new Self-Managed Super Funds for clients including organising the corporate trustee via ASIC, the SMSF Deed via the lawyers and applying for the relevant ATO registrations.
  • Setup and maintenance of your Class Super software which tracks your transactions in real time allowing regular reconciliations of your accounts and interim reporting.
  • Preparing financial statements and tax returns for lodgement with the Australian Taxation Office
  • Setting up the external audit file to meet the requirements of the SIS Act & Regulations.
  • Preparing all your statutory documents such as minutes and declarations
  • Preparing pension accounts and advising on minimum pension withdrawal obligations
  • Preparing and lodging BAS, IAS, PAYG and TBAR reporting obligations
  • When the time comes assisting with the wind up of the SMSF

SMSF Tax Return Perth

SMSF Tax Returns

Your SMSF Tax Return needs to be completed and lodged annually. This return shows the ATO the income and expenses of the fund over the financial year as well as the current balances of the assets, liabilities, and of the various members accounts.

This SMSF Tax Return cannot be lodged without an independent SMSF Auditor signing off on the books. They must ensure the documents represent a true and correct reflection of the activity of the fund and that the fund itself did not breach the requirements of either the SIS Act or the SIS Regulations.

For most super funds, this document is due for lodgement by the 15th May following the financial year end.

SMSF Deeds

SMSF Deeds are important but often overlooked documents. This deed provides the legal rules by which the fund will operate under the auspices of the SIS Act and Regulations. The deed should be reviewed on a regular basis to ensure it is still up to date with the changing legal landscape and thus why the legal team has a role to play in keeping your fund up to date.

For new clients coming on board who are unsure if their existing deeds are compliant, we offer a deed review service to assist trustees in keeping everything compliant. The auditors of the fund will also review the deed each year to ensure it is compliant and that the fund has followed the rules laid down by the deed which investing or borrowing via the use of bare trusts.

If your deed every does need amending this is a painless process, we can assist with by arranging an amended updated deed.

Affordable & Reliable SMSF Services for Everyone

Our business model is two-fold in its approach. We provide white labelled SMSF Accounting Services directly to accounting firms who do not have sufficient SMSF specialists in house to manage their clients’ funds.

We also provide SMSF Accounting services directly to the Perth market (in situations where we do not compete with white labelled funds under management) whereby we work directly with the trustees of the fund to meet their obligations under the Act.

These services are automated via the Class Super platform along with some customised tech from our own software toolbox allowing us to be a more efficient and thus more affordable option within the marketplace.

These efficiencies are at the heart of where SMSF Australia is all about by trying to bring high level quality and competition to the SMSF marketplace.

Other Accountants 

We work directly with dozens of accounting firms providing white labelled support of your clients whereby we prepare the clients reconciliations, ATO documents and pension calculations on our software stack.

We provide online access on a live basis to all your client’s data in case you ever need to access information directly in real time. Our team of SMSF specialists in Perth provide the compliance support so that your firm can focus on advisory services and working one-on-one with your clients.

All our work for other accounting firms is done under a strict non-compete arrangement to ensure that boundaries are set out in advance and there is no confusion around client ownership.

We aim to be your trusted partner for the long-term helping you service your clients in the SMSF space with regular advice and white labelled documentation.

Financial Planners

As well as working with accountants we also work with numerous financial planners who are looking for a partner to handle the accounting compliance for their clients’ funds. As we are purely accountants and not affiliated or owned by an AMP group or a major bank, we have no overlap with our financial planning partners.

We also give you real time viewing access to all your clients’ files on our Class Super platform, so you can see where your client is always up too.

Speak to a Perth SMSF Specialist Today

Do you need SMSF Accounting Services? Reach out to us today for a no obligation confidential quote on how we can assist with your SMSF 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!

Frequently Asked Questions

How much does an SMSF Cost in Fees in Perth

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

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

The costs included in this SMSF Setup fee are:

  • The Australian Securities and Investment Commission fee for setting up a corporate trustee of $512
  • 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

Can an accountant set up an SMSF?

Any SMSF Specialist can set up a Self-Managed Super Fund providing that the trustee directs them to do so and that the members passed identity checks. We are required to check that you are who you say you are to prevent fraud.

This means that we will require a copy of your photo ID along with other identity documents and your individual tax file number. There are no exceptions to this rule, and we cannot legally or ethically assist with a fund where members cannot provide adequate information to pass their identification checks.

Can accountants provide SMSF advice?

We provide advice around all accounting and taxation questions within the fund supporting you from establishment through to maintenance and eventual wind up.

The only area we will not give advice on is your investment choices. We are not licensed financial planners and we are not legally allowed to do so.

If you need help deciding what to invest in, then this is the job of a licensed Financial Planner who can help work with you to develop a full Statement of Advice supporting your personal investment goals

Can you buy property with a self managed super fund

Can I purchase property in my SMSF?

Yes, you can purchase property in your SMSF directly, including residential or commercial property. There are some rules around these purchases that you need to keep in mind such as you cannot acquire or subsequently rent a property to a related party or to a fund member.

The purpose of an SMSF must be solely to provide retirement benefits to members so always keep that in mind.

The most common breach we see is in the sphere of holiday homes held by Self-Managed Super Funds. These cannot be used personally by the members, their children, extended families etc.

SMSF Property Loans in Perth

How much can my SMSF borrow?

Self-Managed Super Funds are generally restricted from doing any borrowing unless it is approved by the Deed (again, always good know what your SMSF deed allows you to do) and is under a valid Limited Recourse Borrowing Arrangement.

Keep in mind that the big four banks will no longer lend money to SMSFs as post royal commission they have deemed the space too risky which means all loans to SMSFs now come from second tier lenders. Generally, these second-tier lenders will loan 70-80% of the value of a residential property and 60-70% of a commercial property although these are only generalities, and your specific situation may be different. These loans are generally more expensive than standard mortgage rates by around 1-2%.

It is best to consult with a licensed mortgage broker to see whether your fund can borrow to invest in property. If you do not have a mortgage broker you have worked with in the past, please feel free to reach out as we have dealt with dozens, if not hundreds, throughout Australia and can direct you to a good one.

Cryptocurrency SMSF

Can I buy cryptocurrency in my SMSF?

An SMSF can buy cryptocurrency assets but there are a multitude of rules to keep in mind when doing this, for example:

  • The exchange account must be in the name of the SMSF and its corporate trustee and not in your personal name
  • Crypto is treated as an asset in the same way as a share and not as a currency by the ATO, this includes stable coins.
  • When you convert a crypto asset then this is a taxable event, for example if you go from Bitcoin to Ethereum, then each of these movements between coins was a separate CGT event in the eyes of the Australian Taxation Office.

The other important thing to keep in mind is that your investment strategy needs to be aligned to your actual investments so make sure it discusses digital assets if that is part of your plans.