Faqs

SMSF accountant is an accounting expert who deal with self managed super fund (retirement savings) accounts preparation, tax return preparation and lodgement. They help trustees to make sure SMSF follow the annual reporting requirements.

Self managed super fund or DIY super fund gives more control and flexibility to trustees to manage their retirement savings and invest according to their choice and handle bigger part of their retirement goals by following the rules and regulations.

SMSF accountant provides superfund accounts preparation, annual return preparation and lodgement, TBAR (transfer balance cap report) lodgement, rollover, rollout through super stream and wind-up services.

Choosing the right SMSF accountant gives peace of mind. Look for their qualification, experience in the superannuation industry, registrations and they should be easy to approach for day-to-day queries.

Setting up an SMSF gives control and flexibility and at the same time responsibilities for reporting and compliance with superannuation industry rules and regulations. As the trustees of the fund, you will have the responsibility to follow the superannuation industry rules and arrange accounts, tax return, independent audit every year since inception. Your fund must comply with super rules and is for the retirement purposes.

SMSF trustees’ structure could be individuals or corporate (where company acts as trustee of the fund). Each member must be trustee of the fund and each trustee must be member of the fund (in case of corporate trustee should be director). SMSFs can have up to six members. There are some special rules for single member fund.

Yes, you can have SMSF with one member. In this case company will act as superfund trustee and you will be director. There are some rules for single member fund.

ESA stands for electronic service address. This is required for super stream rules and to receive contributions, rollover, to do rollout and other release authorities.

Depending on the ESA service provider price can vary or your SMSF accountant might provide you this as part of the software subscription (like BGL360). We at Quick SMSF Accountants can provide you as part of the software subscription.

Once the superfund is set up or at later stage if you decide the do rollover you need to apply to your fund and need to provide receiving fund and super stream details to process rollover. They will ask you for ESA (electronic service address) to process rollover through super stream.

At some stage you might decide to close the fund and pay the benefits (if condition of release is met according to superannuation rules) or do the rollout. Final accounts will be prepared and funds paid or rollout and then final tax return with wind up details will be lodged with Ato.

We at Quick SMSF Accountants charge $890 incl. GST which covers annual accounts preparation, tax return preparation and lodgement and independent audit.

There are many options to choose from for SMSF accounts and tax return preparation. BGL 360, Class Super, Super Mate, Mclowd are some of them. We at Quick SMSF Accountants use BGL simple fund 360 for accounting and tax return work.

On the completion of yearly accounts reports provided will be statement of financial position, operating statement, member statements, investment reports – summary, income, realised, unrealised and the SMSF tax return.