SMSF Services - Specialist SMSF Accountants Perth

SMSF Accountants Perth

SMSF Accountants Perth

There 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 Self Managed Super Fund Accountants servicing Perth have had decades of experience working with trustees of all ages and wealth levels to ensure their fund is streamlined to make the SMSF compliance process as simple as possible.

Our team of SMSF advisers use Class Super, the industry leading 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, investment adviser or other professional to ensure you are fully supported both with your super fund and your wider strategies.

Your Self Managed Super Fund Accountants

Our accredited SMSF Accountants servicing Perth includes Chartered Tax Advisers and Fellows of the Tax Institute of Australia who specialise in complex tax affairs. Our team are passionate about the self managed superannuation fund industry and have chosen to focus their careers on this complex but rewarding area. 

As well as accountants we have a practising SMSF Lawyer sitting on our board providing the firm and clients with legal documents, SMSF estate planning, serious compliance issues and further guidance in the ever-evolving and legally complex environment.

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

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Contact Us Today

If you’re interested in learning more about our SMSF Accounting Services please get in touch 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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Contact Us Today

If you’re interested in learning more about our SMSF Accounting Services please get in touch for a confidential quote. Simply submit your details and one of our friendly team will be in touch as soon as possible.

Contact Us Perth

Name(Required)

Self-Managed Super Fund Services

There is a broad range of services for SMSF that our fund experts 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 tax office.

SMSF Services in Perth

Our range of SMSF services include:

  • Set up of new Self-Managed Superannuation 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 and organise an ASIC Registered SMSF Auditor to complete the external audit works.
  • 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 Accounting Services & Tax Returns

Your SMSF Tax Return needs to be completed and lodged annually. This return shows the tax office 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. Using this information the quantum of the fund tax is determined as a mathematical formula of the tax on investment returns along with the annual ATO Supervisory Levy.

This 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 including the validity of any mortgages via the use of bare trusts.

If your deed every does need amending this is a painless process which we can assist with by arranging an updated deed. It is worth noting that unlike many other provides we believe that basic deeds are part of the superannuation fund accountants job and thus we do not charge additional fees for ongoing clients requiring deed updates.

SMSF Accountant in Perth

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

Of course, we also provide services directly to the SMSF 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 in Perth

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 and advisors provide a full range of SMSF services in Perth providing the compliance support your firm needs so it can focus on advisory services and working one-on-one with your clients for the best SMSF overall experience possible. We can also provide training for your accountants to provide smsf advice directly to clients so as to minimise disruption for your practice.

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 & Superannuation

As well as working with accounting firms we also work with numerous planners who are looking for a partner to handle the accounting compliance for their clients’ funds. As our firm is made up purely of legal and accounting staff and are not affiliated or owned by an AMP group or a major bank, this means we can provide unbiased, non conflicted support to our planning partners as we have no overlap in services. Most planners we work with are experts at providing financial guidance and support but many prefer to also provide SMSF support via our partnership to that their clients have the best self-managed super fund service available from both a compliance and advisory perspective

We also give you real time viewing access to all your clients’ files on our Class Super platform, so you can see where the SMSF’s books are up to at any time.  If you would like to chat to other planners currently outsourcing to us please reach out to our team today and we would be happy to pass on the contact details of a number of planners who have been kind enough to write us reviews and offer to recommend us. 

Get in Touch with a Perth SMSF Specialist Today

Do you need help with your fund? Reach out to us for a no obligation confidential quote on how we can assist with your SMSF today.

Fill in your details on the contact form or give us a call and one of our friendly team of SMSF Specialists will be happy to assist!

Get in Touch with a Perth SMSF Specialist Today

Do you need help with your fund? Reach out to us for a no obligation confidential quote on how we can assist with your SMSF today.

Fill in your details on the contact 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 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 $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 tax office 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.
  • Basically we take care of everything for the setup with no hidden extras or additional costs during the setup process.
  • To see a full cost breakdown, visit the following link

Can an accountant set up a Self-Managed Super Fund?

Setting up your SMSF is a process which can be completed by most professional accountants providing that the trustee directs them to do so and that the members pass the mandated identity checks. When you set up you self-managed super fund you need to ensure you have either independently decided on your investments or have sought professional advice on your retirement goals as SMSF accountants provide excellent compliance guidance and support to help you to manage your fund but we do not help clients with investment advice, an SOA, or write the plan for their retirement.

When we work with you to set up your self-managed super fund 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 due to the prevalence of identify theft within the industry.

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 planners and thus 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 but this is a totally separate role than that of our SMSF experts.

Can I purchase property in my superannuation fund?

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. The only time an associate many rent a property from the SMSF is when a business premises is purchased which meets the definition of business real property in which case business owners may be able to rent that property back from the fund on a commercial basis.

If you are unsure how your property plans will work under the SIS Act and related legislation contact us today for a quick consultation to see whether an SMSF may be the right vehicle for your property goals.

How much can my SMSF borrow?

Self-Managed Super Funds are generally restricted from going into debt unless it is approved by the SMSF Deed (again, always good know what your 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 has the financial capacity 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.

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 government, 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.