SMSF Accounting & Compliance

Self Managed Superannuation Fund (SMSF) and Retirement Planning

Get to know about SMSF

A SMSF is a superannuation fund with 4 or less members. Each member must be a trustee of the SMSF, or a director of a corporate trustee of the SMSF. The trustees of the SMSF are ultimately responsible for managing the SMSF.

SMSFs are unique superannuation funds as the members, in their capacity as trustees of the SMSF, have direct control over the investment and management decisions of the SMSF. As a result, with a SMSF you can truly take control of your own superannuation.

To qualify as a SMSF, no member can be an employee of another member, unless they are related and no trustee, or director of the corporate trustee, can be paid for their duties or services as a trustee, or director of the corporate trustee, of the SMSF.

In addition, for your SMSF to receive tax concessions, it must be an Australian superannuation fund. Generally your SMSF will meet the Australian residency requirements if it is established in Australia and all of the trustees reside in Australia. If any trustee or member of your SMSF is planning to live or stay overseas for an extended period, we suggest you seek professional advice immediately to determine if your SMSF will remain an Australian superannuation fund.

 

A SMSF must at all times be maintained solely for the purpose of providing benefits to the:

✓ SMSF members on or after their retirement
✓ SMSF members after their attainment of the prescribed age of 65; or
✓ Member’s dependants or legal personal representative on or after the death of a member.

 

"The trustee must all ensure the self managed superfund is audited each year by an approved auditor. The audit covers both financial statements audit and compliance audit. The findings of the audit must be reported on the income tax & regulatory return. WS Accountants can provide you with all of the above services, which includes the compilation of a full set of financial statements, preparing the income tax & regulatory return, other relevant statements and audit of self managed superfund. When you use our services, you can be assured the highest level of services. The team at WS Accountants are qualified accountants with specialist knowledge, expertise and skill in self managed superfund."

WS Accountants has in place rigorous internal processes and procedures to ensure quality services is delivered every time, and all the time.

 

WS Accountants is a registered tax agent and have approved auditors. In this specialised area, experience counts. And WS Accountants has the experience. Here's what we will do:

✓ Prepare of annual financial statements, including operating statement, statement of financial position, notes to financial statements
✓ Prepare and lodge the fund's annual return (income tax return), calculate and advise of tax liability or tax refund due
✓ Audit of the SMSF by an approved auditor
✓ Prepare member benefits statement, which contains member's tax components
✓ Provide you with detailed investments reports, such as investments movement report, and year-end market valuation report
✓ Facilitate obtaining of an actuarial certificate where required
✓ Manage communications and correspondence with Australian Taxation Office

 

We provide you with comprehensive SMSF annual reporting that is more than just financial statements. More about our reporting or get a sample of the report we prepare for you.

We invite you to contact us to discuss how we can managed your self managed superfund's accounting and taxation needs or our processes.