Self-Managed Super Fund (SMSF) Accountants
A self-managed super fund (SMSF) is an increasingly popular means of managing your super, giving you control over your private super fund.
According to the ATO, as of March 2024, there were approximately 616,400 Self-Managed Super Funds (SMSFs) in Australia. This number has been steadily increasing over the years as more Australians choose to take control of their retirement savings.
SMSFs also collectively held $868.7 billion (26%) of the $3.3 trillion in super assets under management
However, establishing an SMSF can be time-consuming to both set up and manage, especially when your business needs your attention.
This is where our SMSF accountants come in. We simplify the process while ensuring you have the final say over your fund.
Understanding our SMSF accounting services will give you a clear idea of how our self managed super fund accountants can help you.
Setting up a SMSF and its corporate trustees
Our SMSF accountants do the legwork of setting up your self-managed super fund. An essential part of this process is formulating a clear investment strategy that reflects the fund's purpose, objectives, and methods for achieving investment goals.
Our strategy ensures you meet your SMSF goals. This involves:
- Consideration of your personal circumstances and financial situation
- Alignment to your financial objectives
- Adherence to superannuation and tax laws
- Allocation of assets
Our accountants handle these ongoing activities so you don't have to. They will also guide you through the process of choosing your fund’s corporate trustees.
A strategic selection of corporate trustees minimises the risk of relationship breakdowns. This will prevent any potential negative impacts on your fund in the long run.
Your SMSF can have a maximum of six members. Our self managed super fund accountants ensure you make informed decisions about who to select as your SMSF trustees.
Completing annual regulatory SMSF accounting
While superannuation laws are set at the federal level, there can be additional regulations at the state level that you need to comply with.
Our SMSF accountants ensure your private fund is compliant with Victorian superannuation regulations.
Completing annual regulatory accounting for your SMSF can be tedious as it involves a lot of paperwork. Our SMSF accountants ensure compliance with tax laws, making the process more manageable.
The annual regulatory accounting for your SMSF involves the following steps:
- Prepare financial statements
- Lodge SMSF Annual Return
- Conduct an independent Audit
- Prepare SMSF Members statements
- Lodge SMSF Auditor Annual Statement
Our SMSF accounting services ensure that you don’t have to worry about doing this process on your own. We are committed to giving you a seamless self-managed super fund journey.
Managing day to day record keeping
Keeping good records is legally necessary to successfully manage your self-managed super fund. Proper management of an existing fund ensures smooth operations and compliance with regulations.
Having a well-developed system for record-keeping allows you and your accountant to complete the fund’s annual independent audit then lodge your fund’s annual return.
The Australian Taxation Office requires SMSF trustees to keep these documents for five years:
- Accounting records relevant to the transactions and financial position of your SMSF
- Documentation about the benefit payment type that was paid and the account it was paid from
- An annual operating statement and an annual statement of your SMSF’s financial position
- Copies of SMSF annual returns lodged
- Copies of transfer balance account reports lodged
- Copies of any other statements you are required to lodge with us or provide to other super funds.
Our SMSF experts can help you organise, track and safeguard these documents. We will also develop a clear record-keeping system that you can easily use and access.
At Achieve Business & Financial Solutions, our SMSF accounting services remove the burden of managing your fund, allowing you to focus on your business.
As SMSF accountants on the Morning Peninsula, we are dedicated to delivering the best SMSF outcome for you. Contact us and let’s develop your self-managed super fund together.
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