Running a Self Managed Super Fund (SMSF) can be a rewarding endeavour, giving you more control and flexibility over growing your retirement savings. But an SMSF is a complex structure that requires careful management to make sure you’re following your compliance requirements, while also getting the biggest bang for your buck.
Our experienced SMSF accountants work alongside entrepreneurs and small business owners to help navigate the regulatory and financial intricacies of running the fund. If you’re looking for SMSF management services or looking to conduct an SMSF audit, the team at National Accounts have got your back.
What do SMSF accountants do?
Your SMSF accountant is your go-to person for everything your fund needs to function optimally. Part strategist, part administrator, and part compliance specialist, an SMSF accountant can take care of a range of activities associated with running your fund, as well as keeping you informed of the latest compliance updates.
Simply put: we know how everything works, and we can help you create the best setup for your financial goals.
Setting up your SMSF
Thinking about setting up an SMSF? Let us help simplify the pros and cons of an SMSF, so you can move forward with confidence. We can take care of the transition from your current fund to your new SMSF setup, providing support along the way that makes the whole process feel like a piece of cake.
Administering your SMSF
While an SMSF can give you extra control over your retirement nest-egg, managing your own fund also means a lot of administration requirements. Managing the compliance requirements, paperwork, and staying on top of tax laws for your SMSF can feel like a full-time job!
An SMSF accountant provides tailored solutions to take the burden of managing your fund off your shoulders. Working with an SMSF accountant to manage your fund frees up loads of your time, giving you the freedom to do what’s most important, and the confidence to know your SMSF is being taken care of.
- Preparing and lodging your SMSF tax return
- Trustee resolution and declaration
- Statements of financial position (Balance sheet, Profit and Loss)
- Investment income reports
- SMSF transfer
- Preparation and lodgement of BAS/PAYG
- Monitoring contributions, rollovers and transfers
- Market value updates of investments
- Succession and estate planning
SMSF Audits
The SMSF regulations in Australia require yearly SMSF audits to ensure that financial records are up-to-date and accurate, and also compliant with superannuation rules. These audits are mandatory and it’s important that they’re done correctly to ensure your SMSF fund remains compliant under Australian law.
An SMSF audit is not something you can do yourself – SMSF trustees need to appoint an independent and ASIC-registered auditor before tax-time each year.
At National Accounts we provide an SMSF auditor service by experienced and approved ASIC auditors. We have been in the game for a long time and understand the issues that can pop up during an audit and how to resolve them efficiently.
Take the Hassle Out Of Your SMSF
Looking to hand over the running of your SMSF, so you can get on with running your business? We’ve got you covered!
Contact us today for a confidential discussion about your needs.
Frequently Asked Questions
A Self Managed Super Fund (SMSF) is a private superannuation fund that you manage yourself. This means that you take on the responsibility of managing the fund, including complying with Australian superannuation tax laws.
While managing your own SMSF can offer long term benefits including a better financial outcome at your retirement, it also requires a lot of work. Which is why we recommend working with SMSF accountants such as the team here at National Accounts to take the burden off your shoulders.
Setting up your own SMSF is a complex process and requires the right structure for your goals. We recommend working with an SMSF accountant to make sure you’re set up for success.
SMSFs offer a wider range of investment options than traditional superannuation funds. SMSF members can invest in residential or commercial property, term deposits, direct shares – pretty much anything!
SMSFs also provide more flexibility over the structure of the fund, allowing its members to structure their fund in a way that meets their goals, which might include minimising tax, transferring wealth to the next generation, and so on.
This flexibility to manage wealth in a more tailored way is a major drawcard for SMSF members. In a public fund, all members are bound by the same structure, even though their individual circumstances may not all be the same.
An SMSF audit must be conducted by an independent party that is approved by and registered with the Australian Securities and Investments Commission (ASIC).
If you’re a Trustee of an SMSF, you must appoint an auditor at least 45 days before their annual tax return is due. Your SMSF auditor will conduct a financial and compliance audit of the fund, and address any issues that need to be resolved. When the audit is complete, the SMSF auditor returns a form with all relevant information for the Trustees to use on their annual tax return.
