How much does SMSF Australia charge for annual SMSF accounting?

SMSF Australia offers three fixed-fee annual packages: Basic Fund at $1,300+GST (listed shares, managed funds, ETFs, term deposits), Complex Fund at $1,600+GST (adds direct property up to 2, cryptocurrency, precious metals), and Very Complex Fund from $2,000+GST (unlisted assets, private loans, derivatives, NFTs, 3+ properties). All packages include the independent SMSF audit at no additional cost.

Is the SMSF audit included in the annual fee?

Yes. The independent SMSF audit is included in all three annual fee packages — Basic, Complex, and Very Complex. It is not charged as a separate add-on.

Can SMSF Australia service my fund if I am not in the same state?

Yes. SMSF Australia operates nationally across all Australian states and territories. All client meetings and services are conducted via Zoom — there is no requirement to be near a physical office.

How much does it cost to set up an SMSF with SMSF Australia?

The SMSF setup fee is $2,000+GST, which covers corporate trustee establishment (ASIC fee $636), SMSF trust deed ($400), Class Super first-year licence ($250), ABN and TFN applications, investment strategy preparation, and rollover coordination.

Does SMSF Australia provide financial advice?

No. SMSF Australia does not provide financial planning or investment advice. Services are limited to SMSF accounting, tax, audit, compliance, and legal matters.

What Is an SMSF Trustee Minute?

What Is an SMSF Trustee Minute? An SMSF trustee must record the reasons for or review of important decisions in a trustee minute or resolution.

A trustee minute is a formal written record that explains how SMSF trustees reached a decision. It helps meet the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and provides evidence SMSF auditors can use to determine whether a breach has occurred.

Do I really need to document a decision between my husband and me?

Yes. It is supporting evidence of how the trustees made a major decision. For example, a written record makes it very clear when the trustees decided when a pension starts, how much the pension supports, whether there is a nominated pension beneficiary, and whether the member has a condition of release. It is very difficult to support decisions without a written record of how they were made.

Examples of when a trustee minute should record a trustee decision

The following are some significant decisions when your SMSF trustee should prepare a trustee minute:

Establishment of the SMSF
Accepting or exiting a member
Appointing or removing a trustee or director of a corporate trustee
Member payments
Starting or commuting a pension
Adopting the annual financial statements and approving investment decisions made during the year, reviewing the investment strategy, accepting contributions made during the year
Significant investments such as acquiring property, entering into a limited borrowing recourse arrangement (LRBA), investing in cryptocurrencies or investing in exchange-traded funds (ETFs)
Formulating an investment strategy

What is the difference between a trustee minute and a resolution?

A minute is a formal record of a trustee meeting, and resolutions are the decisions the trustees reached during the meeting. Trustees can make decisions via a circulating resolution.

A trustee minute records the following:

who was elected the chairman
who attended
where the meeting was held
the date of the meeting
the matter being tabled
the reason for the decision
a resolution of the decision made
signed and dated by the chairman

SIS does not specify the format of a trustee minute.

Trustees, or directors of a corporate trustee, can generally make decisions using a circulating resolution which is agreed to by all of the trustees/directors and includes:

the matter under consideration
the reasons for the decision
the resolution of the decision being made
signatures of all the trustees/directors and the date the resolution is signed by each

A sole director corporate trustee cannot record decisions by minute. It must be done as a resolution, as an individual cannot meet with themselves.

How long must my SMSF keep trustee minutes?

Trustee minutes must be kept for at least 10 years. They may need to be kept longer in certain circumstances, such as when accepting the application of a member whose membership extends beyond 10 years.

Can my SMSF keep trustee minutes in digital form?

Yes, trustee minutes can be kept digitally, and practically we recommend this for our clients.

What are the penalties for not keeping trustee minutes?

An administrative penalty of 10 units, currently $3,640, can be imposed on each SMSF trustee who does not keep trustee minutes and records.

When might an SMSF auditor look to a minute to clarify an issue?

A lease agreement with a related party might include a renewal option for an additional term that is exercised. Recording this decision in a minute would help the auditor verify it. If a pension shortfall occurs during the year, the pension is reverted to the accumulation phase once the error is recognised. Including this in a minute helps the auditor determine the precise date when the pension was officially commuted.