Self-Managed Super Funds
With an SMSF, you have full control over how your superannuation is invested. You can choose specific investments such as property, shares, or other assets, tailored to your financial goals and risk appetite.
Trust us as your SMSF Accountant
Need help managing your SMSF? We provide specialised accounting and tax services for self-managed super funds in Australia
Remaining compliant when establishing and managing a Self Managed Super Fund (SMSF) is crucial for several reasons:
Avoiding Penalties and Fines
Non-compliance with the rules and regulations governing SMSFs can lead to significant penalties. The Australian Taxation Office (ATO) enforces strict guidelines, and failing to meet them can result in big fines or even the loss of your SMSF’s tax concessions and advantages.
Legal and Regulatory Obligations
Self Managed Super Funds are governed by strict legal requirements under the Superannuation Industry (Supervision) Act (SISA) and Superannuation Industry (Supervision) Regulations (SISR). These include maintaining proper records, ensuring fund assets are separated from personal assets, and meeting annual audit and reporting requirements. Non-compliance can expose you to legal issues.
Professional Trustee Responsibilities and Accountability
Trustees of SMSFs are responsible for the fund's administration. If the fund becomes non-compliant, trustees can be personally liable for any breaches, including paying penalties or fixing issues that arise.
Audit Requirements:
SMSFs are required to undergo an annual audit by an approved auditor. Non-compliance could lead to audit issues, which can trigger further investigations by the ATO, adding administrative burden and costs.
Let us help you with:
Annual SMSF compliance that includes:
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SMSF financial statements ensuring adherence to reporting requirements
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SMSF tax returns
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SMSF audit: Working with audit firms to streamline the annual audit process and ensure compliance with regulatory standards.
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Collaborating with other professionals, including financial planners and mortgage brokers.
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SMSF taxation advice and strategies.