Expert SMSF Accounting & Administration

An SMSF is a private superannuation fund that you manage yourself, giving you direct control over your retirement savings and investment decisions. Unlike retail or industry super funds, you and your fellow trustees are personally responsible for managing the fund and ensuring it complies with superannuation law. SMSFs can have between one and six members.

There is no legislated minimum balance required. However, the ATO and ASIC generally suggest that SMSFs become cost-effective at balances of around $200,000 or more, given the ongoing administration and compliance costs relative to a retail or industry fund.

The process typically takes two to three weeks to have the SMSF set up and ready to go, from the time all required information and identification documents are received. This covers preparation of the trust deed and trustee documentation, completing ATO applications, time for you to open a bank account for the SMSF, and for the ATO to issue the SMSF with a 'Complying' status.

Possible ATO Application Delays — While most Tax File Numbers (TFNs) and Australian Business Numbers (ABNs) are issued instantly upon application, it may take up to 28 business days to be issued by the ATO should they need to conduct any further checks. Reasons for delays may include outstanding personal or business tax debts or overdue tax lodgements, therefore assuring your personal and business tax affairs are up to date prior to establishing an SMSF may reduce ATO delays.

Possible ATO 'Complying' Status Delays — According to the ATO Super Fund Lookup register, it can take between 2 to 56 business days to be assessed, with most being completed within 1 to 3 weeks.

SMSFs can invest in a wide range of assets including, but not limited to, Australian and international shares, residential and commercial property, cash and term deposits, managed funds, bonds and fixed interest, and certain alternative assets such as gold and silver bullion. All investments must be made in accordance with your fund's Investment Strategy and comply with the Sole Purpose Test under superannuation law.

Yes. Every SMSF must be audited annually by an ASIC-registered SMSF auditor before the SMSF tax return is lodged with the ATO. You are required to appoint an auditor as part of your trustee responsibilities. As part of our Annual Administration service, we coordinate with your SMSF auditor on your behalf after preparing the accounts, and provide all the documentation required to complete the audit.

As a trustee, you must fulfil various obligations including, but not limited to, maintaining accurate records, preparing financial statements, lodging the Annual Return, investing in accordance with your Investment Strategy, meeting minimum pension drawdown obligations, and ensuring all transactions comply with superannuation legislation. Our Annual Administration and Compliance Review services are designed to support you across all of these obligations.

A Limited Recourse Borrowing Arrangement (LRBA) allows your SMSF to borrow money to purchase a single acquirable asset, most commonly an investment property. When borrowing through an LRBA, the asset must be held in a separate bare trust structure (also known as a custodian trust) until the loan is fully repaid. We assist with the preparation of all bare trust documentation and coordinate with your lenders and legal advisers as required.

Breaches of the law can result in serious consequences, including penalties being issued for trustees, education training requirements, disqualification as a SMSF trustee (up to a lifetime ban), and the ATO declaring the fund non-complying (which means the fund's assets are taxed at the highest marginal rate). Our Compliance Review service is designed to keep you informed of your obligations, reducing the risk of inadvertent breaches.

We encourage our clients to contact us where they are unsure of their obligations or compliance requirements, such as those involved with acquiring and managing a particular investment type.

We handle the accounting, tax, and compliance side of your SMSF. We do not hold an Australian Financial Services Licence (AFSL) and do not provide financial advice regarding your investment strategy or asset selection. For investment advice, we recommend working with a licensed financial adviser. We are happy to refer you to trusted professionals if needed.

Yes. We regularly assist trustees who are transferring their SMSF from another accountant or administrator. The process is straightforward and we manage the transition on your behalf, including obtaining prior year records and liaising with your previous provider. Get in touch to discuss how we can help.