- On your advice, assist you with the establishment of Self Managed Superannuation Funds – that is the Trust Deed, with individual trustees or corporate trustee.
- Application for Australian Business Number (ABN).
- Application for Tax File Number.
- Access to an actuarial for preparation of actuarial certificates (pension mode and transition to retirement).
- Access to daily market values of listed Australian stocks to calculate fund market value.
- Preparation of financial accounts for funds in accumulation mode, pension mode, transition to retirement or any combination of those mentioned.
- Preparation and lodgement of income tax return.
- Access to auditors to satisfy Australian Taxation Office audit requirement.
- Preparation of documents to commence a pension.
- Trust Deed updates.
Setup of Self Managed Superannuation Funds
Once you have decided to establish a self managed superannuation fund (SMSF) we can assist you with your specific circumstances.
There are several steps to follow to ensure that the SMSF is setup to comply with the requirements of the Australian Taxation Office.
We attend to each step, ensuring that all your documents are prepared, signed, lodged where necessary and filed.
The following is a guide to the process in establishing your SMSF:
- Appoint Super Accountants to assist you in establishing your SMSF.
- Determine the structure of your SMSF, i.e. individual trustees or a corporate trustee.
- Ensure that the members of the fund are eligible to act as trustees (all members must be trustees).
- Are all members Australian residents for tax purposes? Non resident members can affect the residency status of your SMSF for tax purposes.
- Choose a name for your SMSF.
- Appoint the trustees of your SMSF.
- Engage a solicitor to prepare the trust deed for your SMSF.
- Execute the trust deed, establishing your SMSF.
- Ensure that all members have supplied their tax file numbers to the trustees of your SMSF.
- Open a bank account in the name of your SMSF.
- Apply for an Australian Business Number and Tax File Number with the Australian Taxation Office.
- Prepare an investment strategy for your SMSF.
We maintain a file for your SMSF containing either originals or copies of the trust deed and all other documents establishing your SMSF.
Super Accountants is a firm of Chartered Accountants specialising in the preparation of financial accounts and income tax returns for self managed superannuation funds (SMSF’s).
We prepare the financial accounts and income tax return from documents provided by yourself.
Typical documents may include:
- Bank Statements
- Term Deposit Statements
- Dividend Statements
- Share Buy and Sell Contracts
- Statements from fund managers (managed funds)
- Statements from real estate agents and property managers
- Invoices supporting expenses incurred by the SMSF
The Australian Taxation Office act as regulators of SMSF’s and all SMSF’s are subject to audit by an auditor registered with the Australian Securities And Investment Commission who meet competency requirements.
Accordingly, not only are the financial accounts and income tax return subject to the review of the trustees, but also the auditor and the Australian Taxation Office (ATO).
On completion of the audit, the auditor issues an audit report to the trustees and reports any breaches of the Superannuation Industry Supervisory Act (SIS) to the ATO.
Breaches of SIS can deem a SMSF to be non complying. If a SMSF is found to be non complying they may lose their taxation concession of being taxed at 15%. The penalty for non compliance can be that the assets of the SMSF are taxed at 45%.
We recommend the following to ensure that your SMSF maintains it’s complying status:
- signed copy of trust deed,
- update trust deed when required,
- preparation of investment strategy in accordance with SIS and ATO requirements, signed by the trustees and on file,
- trustee declarations and consents signed and on file,
- minutes of meetings of trustees signed and on file,
- binding death benefit agreements prepared, signed and on file,
- financial accounts prepared annually,
- income tax return prepared annually,
- audit carried out annually,
- income tax and levies paid on a timely basis,
- investment strategy be reviewed, ensuring that the investments of the SMSF are consistent with investment strategy.