Plain answers about running your fund.
General and factual information for trustees and advisers. Nothing here is advice about your own situation.
- Chartered Accountants
- Registered tax agent
- Independent audit included
Downloads
The SMSF Switch Checklist
The steps, the documents and the timing for changing SMSF accountants without missing a lodgement. For trustees.
Get the Switch ChecklistThe Partner Pack
What we do, what we never do, turnaround times and fees. For planners, brokers and SMSF lawyers.
Get the Partner PackHow an SMSF year runs
When is the SMSF annual return due?
For most funds lodging through a tax agent the due date is 15 May after the end of the financial year, and a newly registered fund's first return is due earlier. We work to that date rather than the week before it.
Why does the fund need an independent audit?
Every SMSF must be audited each year by an approved SMSF auditor before the annual return is lodged. The auditor must be independent of the accountant preparing the accounts, so we arrange yours with a separate registered firm.
What happens if a return is late?
A return more than two weeks overdue can change how your fund appears on Super Fund Lookup, which affects whether employers and other funds will roll money in. Penalties can also apply. Overdue funds can be brought back up to date.
How do contribution caps work?
Contributions are counted against annual caps, with separate caps for concessional and non-concessional contributions, and the amounts are set by the ATO each year. We report where your fund stands against them; how much to contribute is a decision for you and your adviser.
What records should a trustee keep?
The trust deed and any amendments, trustee minutes, member records, investment records and the signed financial statements. Most must be kept for at least five years, and some for ten.
Can the fund borrow to buy property?
A fund can borrow under a limited recourse borrowing arrangement, which requires a bare trust and has strict rules on what the loan can be used for. We handle the compliance and the documents; whether borrowing suits your fund is a question for a licensed adviser.
The answers above are general and factual. Thresholds and dates change; check the current figures with the ATO or ask us for your fund's position.
Thinking about changing SMSF accountants?
Get the SMSF Switch Checklist. It sets out the steps, the documents and the timing, so you can change accountants without missing a lodgement.
Your fund should never be an afterthought.
Book a 15-minute call. We'll tell you what your fund costs to run with us, before you commit to anything.