Accounting services for Self Managed Super Funds

Discover the best SMSF accountant in Lane Cove and Lower North Shore with low fees!

Get the professional and affordable accounting services you need for your SMSF with our team of experts. Our top-notch SMSF accounting services are designed to help you keep your finances in order and grow your wealth over time.

We understand the importance of keeping your costs low, which is why we offer some of the most competitive fees in the industry. You can trust us to provide the best service at a low cost.

Get in touch today and see for yourself why we're the best SMSF accountant! Contact us for a free consultation.

Get in Touch

Would you like to speak to one of our SMSF accountants? Just submit your details and we'll be in touch soon.

What services we provide for SMSF accounting, tax return and audit
Setup SMSF (Individual Trustee)
Setup SMSF (Corporate Trustee)
Trust deed
Detailed Trial Balance Sheet
Detailed Statement of Financial Position
Profit & Loss Statement/Operating Statement
Member Statements
Annual BAS lodgment
Investment Reports
Trustee Resolutions & Minutes
Preparation & Lodgment of Tax Return
Independent Audit Report

SMSF Frequently Asked Questions (FAQ)

To manage your own self-managed super fund (SMSF), you need to fulfill a number of responsibilities and obligations to ensure that your SMSF is compliant with the law. Here are some of the key steps you need to follow:

1 . Establish your SMSF: You need to set up your SMSF by creating a trust and registering it with the Australian Taxation Office (ATO). You'll also need to appoint trustees and determine how you will manage the fund's assets.

2 . Comply with the law: You need to ensure that your SMSF complies with the laws and regulations governing SMSFs, including the Superannuation Industry (Supervision) Act 1993 (SISA) and the Australian Securities and Investments Commission (ASIC) regulations.

3 . Develop an investment strategy: You need to develop an investment strategy that is appropriate for your SMSF and its members. Your investment strategy should take into account factors such as the risk tolerance of your members, the age of your members, and the objectives of your SMSF.

4 . Keep records: You need to keep accurate records of all transactions and investments made by your SMSF. This will help you to keep track of the fund's financial performance and ensure that you are complying with the law.

5 . Prepare financial statements: You need to prepare financial statements for your SMSF each year, including a balance sheet, an income statement, and a statement of changes in net assets.

6 . Arrange for an annual audit: You need to arrange for an annual audit of your SMSF's financial statements to ensure that they are accurate and that your SMSF is compliant with the law.

7 . Pay taxes: You need to pay taxes on any income generated by your SMSF, including taxes on investment earnings, contributions, and benefits paid to members.

8 . Comply with superannuation laws: You need to comply with the superannuation laws, including laws governing contributions, benefits, and the transfer of benefits between funds.

Please remember, managing an SMSF can be complex and time-consuming, and it is recommended that you seek professional advice from an SMSF accountant.

A self-managed super fund (SMSF) is a type of superannuation fund in Australia that is set up and controlled by its members. The members of an SMSF act as trustees and are responsible for making investment decisions, managing the fund's assets, and ensuring that the fund complies with all legal requirements.

SMSFs typically have between one and four members, and each member is usually also a trustee of the fund. This allows the members to have greater control over their own retirement savings and the investment choices available to them.

One of the main advantages of an SMSF is the increased control and flexibility that it provides. SMSF members can choose from a wider range of investment options than they would be able to access through a retail or industry super fund. They can also customize their investment strategy to meet their specific needs and financial goals.

However, it's important to note that setting up and managing an SMSF can be complex and requires a significant amount of time, effort, and knowledge. It's also subject to strict regulations, and if the fund doesn't comply with the laws and regulations, the trustees can face substantial penalties.

If you're considering setting up an SMSF, it is strongly recommended that you seek professional advice from an SMSF accountant to ensure that you understand the responsibilities and obligations involved, and to help you determine if an SMSF is the right option for you.

The due date for lodging Self-Managed Super Fund (SMSF) annual returns (SAR) is usually the end of the second quarter of the following financial year. For example, if the financial year ended on June 30th, the due date for lodging the SAR would be September 28th of the following year.

It's important to note that this due date may change from year to year, so it's a good idea to check the Australian Taxation Office (ATO) website or consult with your SMSF accountant to confirm the correct due date.

The SAR must be lodged with the ATO each year and must include information such as the fund's financial statements, including the balance sheet, income statement, and statement of changes in net assets, and an auditor's report.

Failing to lodge the SAR by the due date can result in penalties, so it's important to keep track of the due date and ensure that the SAR is lodged on time.

In addition to the SAR, SMSFs may also be required to lodge other returns and reports with the ATO throughout the year, including contribution reports, benefit payment reports, and annual supervisory levy reports. Your SMSF accountant or financial advisor can provide more information on the specific reporting requirements for your SMSF.

The tax rate for a self-managed super fund (SMSF) depends on the type of income or investment held by the fund. The tax rates for SMSFs are set by the Australian Taxation Office (ATO).

For the 2022-2023 financial year, the following tax rates apply to SMSFs:

Fund earnings: SMSFs are taxed at a rate of 15% on their taxable income, which includes investment earnings, such as interest, dividends, and rental income.

Contributions: Contributions made to an SMSF are taxed at 15% when they are received by the fund.

Capital gains: Capital gains made by an SMSF are taxed at 10% if the asset has been held for more than 12 months, or at your marginal tax rate if the asset has been held for less than 12 months.

Benefits paid to members: Benefits paid to members are taxed at the member's marginal tax rate, minus a 15% tax offset.

Please be aware that these tax rates may change from year to year, and the ATO regularly updates its tax rules and regulations, so it's a good idea to check the ATO website or consult with your SMSF accountant to confirm the most up-to-date tax rates.

Importans note :To be eligible for the mentioned rate, the SMSF must be a 'complying fund,' meaning it complies with all applicable laws and regulations. Otherwise, the rate is the maximum marginal tax rate on a non-complying fund.

Yes, it is possible for someone to use their existing company as the trustee for their self-managed super fund (SMSF). The company would need to be registered with the Australian Securities and Investments Commission (ASIC) and would need to meet the requirements set by the Australian Taxation Office (ATO) for SMSF trustees.

As the trustee of an SMSF, the company would have a fiduciary duty to act in the best interests of the fund members and ensure that the fund complies with all regulatory requirements. This includes responsibilities such as keeping accurate records, investing the fund's assets in accordance with the investment strategy, and paying benefits to members in accordance with the rules of the fund.

Please carefully consider the responsibilities and obligations of being an SMSF trustee, as there can be significant penalties for non-compliance with the ATO's rules.

Yes, a self-managed super fund (SMSF) can buy property as part of its investment strategy. However, there are specific rules and requirements that must be followed in order for the purchase to be compliant with the regulations set by the Australian Taxation Office (ATO).

For example, the property must be acquired for the purpose of providing retirement benefits to the members of the SMSF, and it must not be used for personal purposes by the fund members or their relatives. The SMSF must also meet strict borrowing requirements if it intends to purchase the property with a loan.

A tax and accounting specialist can help you before making a property purchase through an SMSF, as there can be significant penalties for non-compliance with the ATO's rules. Additionally, it is important to carefully consider the investment risks involved, as the SMSF is solely responsible for the investment decision and any associated costs.

The amount of super you need to set up a Self-Managed Super Fund (SMSF) is determined by a number of factors, including the number of members, the investment strategy, and the level of contributions. There is no minimum or maximum amount required to set up an SMSF, but it's important to keep in mind that SMSFs are designed for people with a significant amount of super who want more control over their retirement savings.

In general, it's recommended that you have at least $200,000 in super before considering setting up an SMSF. This is because the costs of establishing and running an SMSF, such as accounting and audit fees, can be significant, and it may not be cost-effective for smaller balances.

An SMSF must be maintained and managed properly, which requires time, effort, and expertise. Before setting up an SMSF, it's advisable to seek professional advice from a qualified accountant to ensure that it's the right decision for your individual circumstances.

The amount you can contribute to your superannuation depends on a number of factors, including your age, income, and the type of contribution.

There are two main types of contributions: concessional (before-tax) contributions and non-concessional (after-tax) contributions.

For the 2022-2023 financial year, the maximum amount you can contribute as concessional (before-tax) contributions is $25,000 per year, regardless of your age. This includes your employer contributions (such as the 9.5% super guarantee) and any salary sacrifice contributions you may make.

The maximum amount you can contribute as non-concessional (after-tax) contributions is $110,000 per financial year, or $330,000 over a three-year period under the bring-forward rule if you are under the age of 67. If you are 67 or older, there is no limit on the amount of non-concessional contributions you can make.

At last,there are caps on the total amount of contributions you can make to your superannuation each financial year, and there may be penalties for exceeding these caps. We would recommend seeking advice from a tax professional to determine the best course of action for your individual circumstances.

For individuals over 67 years of age, there is a "work test" that must be satisfied in order to make contributions to a self-managed super fund (SMSF). The work test requires that the individual must have been gainfully employed for at least 40 hours over a consecutive 30-day period during the financial year in which the contribution is made.

This means that the individual must have been working in paid employment, self-employment, or a combination of both. Volunteer work or unpaid work does not count towards satisfying the work test.

you need to consider that the work test only applies to contributions made to a SMSF, and not to other types of super funds. In addition, the work test only applies to contributions made by individuals, not those made by their employers on their behalf.

Yes, a self-managed super fund (SMSF) can borrow money to invest, but it must comply with specific rules set out by the Australian Taxation Office (ATO). This strategy is known as "limited recourse borrowing" or "borrowing within super."

Under limited recourse borrowing, an SMSF can borrow funds to purchase a single acquirable asset, such as a property or a share portfolio. The SMSF must hold the asset in a trust, and the lender's rights are limited to the asset being acquired. This means that if the SMSF defaults on the loan, the lender cannot claim any other assets held by the SMSF.

Please note that there are strict rules and conditions that must be followed when borrowing within super, and the ATO closely monitors SMSFs to ensure compliance with these rules. Failure to comply can result in significant penalties, so it is important to seek professional advice from an accountant or financial advisor before engaging in this type of borrowing.

You can access your superannuation savings when you reach your "preservation age" and satisfy a "condition of release." The preservation age ranges from 55 to 60, depending on your date of birth.

Conditions of release include: 1)Retirement: You have reached your preservation age and have permanently retired from the workforce. 2) Attaining age 65: You have reached the age of 65, regardless of whether you are still working or not. 3) Terminal illness: You have been diagnosed with a terminal illness with a life expectancy of less than two years. 4) Permanent incapacity: You are unable to work due to injury or illness and are eligible to receive a disability pension from the government. 5) Death: In the event of your death, your superannuation benefits will be paid to your beneficiaries.

Please note that early access to your superannuation savings is generally only possible in limited circumstances, and may be subject to tax and other penalties. Before accessing your superannuation, it is advisable to seek professional advice from an accountant or financial advisor.

Yes, it is possible to access your superannuation early if you are permanently leaving Australia. This is known as the "Departing Australia Superannuation Payment" (DASP).

To be eligible for a DASP, you must meet the following criteria:

You must be an Australian resident for tax purposes and have left Australia for the first time, or are planning to leave Australia for the first time.

You must not have an intention to return to Australia to live.

You must have held a temporary visa, such as a tourist visa or student visa, or have held a working visa that has expired or been cancelled.

If you meet these criteria, you can apply to have your superannuation benefits paid to you. The payment will be subject to tax, and the rate of tax will depend on your age and the amount of superannuation you have.

Accessing your superannuation early may have a significant impact on your retirement savings.

Yes, you can return to work after you have retired and taken your superannuation benefits. However, depending on your circumstances, this may impact your eligibility to receive further superannuation benefits or affect the amount of benefits you receive.

If you have reached your preservation age and have retired from the workforce, you may be eligible to receive a pension from your superannuation fund. If you return to work, you may be able to continue to contribute to your superannuation fund and receive additional benefits.

However, if you are receiving a pension from your superannuation fund, there may be restrictions on the amount you can earn and the amount you can contribute to your superannuation fund. It is important to be aware of these restrictions and to seek professional advice from an accountant or financial advisor to ensure you are aware of the impact of returning to work on your superannuation benefits.

In general, it is advisable to carefully consider the potential impact of returning to work on your superannuation benefits, as well as your overall financial situation, before making a decision.

Setting up a self-managed super fund (SMSF) involves several steps and associated costs. Here are the steps to set up an SMSF: :

1 . Determine eligibility: To set up an SMSF, you must have at least one trustee and no more than four members. All trustees must be members of the fund.

2 . Choose a trustee structure: You can choose either an individual trustee structure or a corporate trustee structure. If you opt for a corporate trustee, you will need to set up a company to act as the trustee.

3 . Register the fund: You must register the SMSF with the Australian Taxation Office (ATO) and obtain an Australian Business Number (ABN) and a Tax File Number (TFN) for the fund.

4 . Develop a trust deed: A trust deed outlines the rules and regulations that govern the SMSF. You can either use a pre-prepared trust deed or have a legal professional draft one for you.

5 . Open a bank account: You will need to open a separate bank account in the name of the SMSF to manage its financial transactions.

6 . Invest: You can start investing in assets such as shares, property, or managed funds once the SMSF is up and running.

7 . Prepare an exit strategy

The associated costs of setting up an SMSF include: :

1 . Legal fees: You may need to pay a legal professional to draft the trust deed and assist with the registration process.

2 . Accounting fees: You may need to engage an accountant to help with the setup and ongoing compliance requirements of the SMSF.

3 . Bank account setup fees: Some banks charge a fee for setting up an SMSF bank account.

4 . Auditing fees: An auditor must review the SMSF's financial statements and operations annually. The cost of an audit can vary depending on the size and complexity of the SMSF.

5 . Investment fees: The costs of investing in assets such as shares, property, or managed funds will vary depending on the type of investment and the amount invested.

6 . It's important to consider all costs involved in setting up an SMSF, including ongoing costs such as accounting, auditing, and investment fees, before making a decision to establish an SMSF.

The expense of establishing an SMSF Fees
SMSF Setup fee From $340
ASIC fee $507
My Rigel service fee From $690
Total From 1,537

Contact us for an obligation free quote for your Self Managed Super Fund.