Establishing a new SMSF involves a few key steps. As SMSF specialist accountants, we guide you through the entire process, from preparing the necessary trust deed and paperwork to registering with the ATO and setting up the fund's bank account. We ensure everything is done correctly and compliantly, making the setup smooth and stress-free for you.

It's simple! If you have an existing SMSF and wish to use our specialist accounting services, you can easily transition your fund to us. Just visit www.discountsmsfadmin.com.au/existingsmsf to start the process. We'll guide you through everything you need to make the move.

After you complete our new SMSF application, we'll prepare all the necessary documentation. You'll receive an email with your account details and a package containing:

• SMSF trust deed
• Certificate of Incorporation & Trustee Company Constitution (if applicable)
• Minutes and Resolutions
• Product Disclosure Statement
• Trustee Declarations
• Investment Strategy Template
• TFN and ABN for the SMSF
• Bank Account Opening Application

We ensure your SMSF is set up compliantly and efficiently.

Once you complete our online form and questionnaire, our system will instantly generate the documents for both your SMSF and your Corporate Trustee for you to review and sign. Simultaneously, we will make the application for registration with the ATO. While we complete our part instantly, please note that the ATO normally takes up to two weeks to issue the official letter confirming your SMSF's complying status. Your SMSF is established once these documents are signed and the ATO registration is processed.

Yes, as part of setting up your SMSF, you will need to provide identification documents for all trustees, directors of a corporate trustee, and beneficial owners. Typically, this includes a driver's license or passport, and a recent utility bill or bank statement as proof of address. We'll guide you through the exact requirements when you start the setup process.

Once your SMSF is officially set up and registered with the ATO, you will receive confirmation of this. You will then be ready to arrange rollovers from your existing super funds. The process for rollovers itself varies by provider, but once the funds have been successfully transferred into your SMSF's transaction bank account, your SMSF is established and ready for you to invest.

SMSF administration involves managing all the accounting, tax, compliance, and administrative tasks for your Self-Managed Super Fund.

It ensures your SMSF meets strict legal and tax obligations, keeping it compliant and well-managed, saving you time and potential penalties.

It typically includes record-keeping, financial statements, tax returns, compliance checks, and ATO reporting.

Key tasks like financial statements and tax returns are usually done annually, while ongoing record-keeping is continuous.

A: While possible, it's complex and requires in-depth knowledge. Professional administration by specialists like us ensures accuracy and compliance.

We provide expert knowledge, save you time, ensure compliance, and help you maintain peace of mind regarding your fund's management.

We stay updated on all relevant legislation and ATO requirements, implementing rigorous checks throughout the administration process.

We administer all types of SMSF investments, ensuring they are recorded correctly and comply with regulations.

We manage all necessary paperwork efficiently and securely. This includes meticulously recording all SMSF transactions (contributions, payments, investments), preparing annual financial statements and tax returns, and lodging them with the ATO.

SMSF Advice, from our perspective as specialist accountants, focuses on the critical accounting, tax, compliance, and administrative aspects of your fund. We provide expert guidance to ensure your SMSF operates efficiently and legally, helping you understand the rules around contributions, investments, and benefits to align with your retirement objectives.

You need specialist SMSF advice to navigate the complex legal and tax landscape. This ensures your fund is structured correctly, remains compliant, and that you understand your obligations as a trustee, which is crucial for maximizing your retirement savings and avoiding penalties.

As SMSF specialist accountants, we provide expert advice on crucial areas such as: establishing appropriate investment strategies from an accounting and compliance perspective, optimising contribution strategies for tax effectiveness, ensuring full compliance with ATO regulations, and providing guidance on SMSF estate planning.

No, SMSF Advice from specialist accountants is distinct from broader financial planning. While financial planners focus on investment selection and overall financial goals, we focus on the technical, accounting, tax, and compliance framework within which your SMSF operates, ensuring its sound management.

Our advice helps your retirement goals by ensuring your SMSF is managed in a tax-effective and compliant manner. This means maximizing the amount available for investment, minimising tax liabilities, and ensuring the fund's structure supports your long-term wealth accumulation and distribution plans.

Absolutely. Being an SMSF trustee carries significant legal responsibilities. Our advice ensures you understand these duties, particularly concerning compliance, reporting, and the correct accounting treatment of transactions, so you can act confidently and correctly.

It's ideal to seek our specialist accounting advice when setting up your SMSF, when making significant changes to your fund's structure or investments, or when new legislation impacts SMSFs. An annual review of your fund's compliance and tax position is also highly recommended.

If you're considering changes to your investment strategy, we can advise on the accounting implications, ensuring the new strategy is documented correctly, compliant with SMSF regulations, and its financial impact is properly understood from a tax perspective.

We start by understanding your SMSF's specific structure, investments, and your personal circumstances as a trustee. We then provide tailored accounting, tax, and compliance advice that aligns with your goals while adhering strictly to SMSF legislation.

The key benefit is receiving advice grounded in a deep understanding of accounting principles and SMSF legislation. This ensures your fund is not only compliant and tax-efficient but also that its financial operations are managed with the highest degree of accuracy and expertise.

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As specialist accountants, our role isn't to recommend specific investments. Instead, we focus on ensuring your investment strategy is compliant with SMSF legislation, correctly recorded for tax purposes, and that the fund's financial statements accurately reflect your investment activities.

No, we are not licensed financial advisors, so we do not recommend specific investments. However, we can advise on the SMSF rules and regulations that govern your investment choices, such as ensuring your strategy is documented and implemented in a compliant manner.

We assist by providing the accounting framework for your investment strategy, ensuring it is documented in line with legal requirements and that all related transactions are recorded accurately for reporting and tax purposes.

Key requirements include adhering to the sole purpose test (investing solely for retirement benefits), following your documented investment strategy, complying with the rules for in-specie contributions, and avoiding prohibited transactions or related-party investments without proper consideration.

Generally, earnings within an SMSF are taxed at 15% in the accumulation phase and 0% in the pension phase (with some exceptions). We ensure all investment income and capital gains are correctly calculated and reported for tax purposes.

An in-specie contribution or transfer involves transferring an asset directly into your SMSF, rather than selling it and contributing the cash. There are specific rules and valuations required to ensure this is done compliantly and tax-effectively.

We have expertise in accounting for various SMSF assets, including shares, property, managed funds, and cash. This involves accurate valuation, recording income (dividends, interest, rent), and managing capital gains or losses upon sale, all according to relevant accounting standards.

Prohibited transactions are activities that breach the strict rules governing SMSFs, primarily aimed at ensuring the fund is used solely for retirement benefits. Key examples include acquiring assets from a member or their related parties (unless specifically allowed and valued correctly, like business real property), providing financial assistance to a member or their relatives from the SMSF assets, or operating the fund for purposes other than providing retirement benefits. We help you understand these rules and ensure your fund's transactions avoid any breaches, which can lead to severe penalties from the ATO.

Your investment strategy is a cornerstone of compliance. It must be documented, regularly reviewed, and implemented consistently. Adhering to it helps demonstrate the SMSF's sole purpose and prevents non-compliance issues with the ATO.

You need to keep records of all investment transactions, purchase and sale contracts, dividend statements, property valuations, and any advice received, typically for five years after the transaction is complete.

Annual compliance for an SMSF involves completing all the necessary accounting, tax, and regulatory tasks for a financial year, including preparing financial statements, lodging the SMSF annual return, and undergoing an independent annual audit, to ensure the fund operates legally and reports accurately to the ATO.

It's crucial because SMSFs have strict regulatory obligations. Non-compliance can result in significant penalties, loss of concessional tax treatment, and even fund wind-up, jeopardising your retirement savings.

Key tasks include preparing financial statements, lodging the SMSF annual return, performing an independent audit of the fund's financial statements, and ensuring all trustee resolutions and records are up-to-date.

Yes, as specialist SMSF accountants, we prepare and lodge the SMSF annual return with the ATO, ensuring all income and contributions are correctly reported according to tax legislation.

An independent SMSF auditor examines your fund's financial statements and compliance activities to ensure they are accurate and meet all regulatory requirements. We coordinate with the auditor on your behalf.

While annual compliance is a key focus, we also provide ongoing support and advice to help trustees maintain compliance year-round, addressing queries and highlighting potential issues as they arise.

You'll need to provide all investment statements, bank statements, contribution details, pension payment summaries, and any other relevant transaction records for the financial year. We'll give you a detailed checklist.

While technically possible, SMSF compliance is complex and constantly evolving. Engaging specialist accountants ensures accuracy, reduces the risk of errors and penalties, and saves you considerable time and effort.

Non-compliance can lead to ATO penalties, disqualification of the trustee, the fund being made non-complying (attracting higher taxes), and potential loss of concessional tax treatment.

We ensure your SMSF's tax return is accurate, but we also advise on strategies for tax-effective management of your fund's income and capital gains, such as optimising contributions or structuring pensions compliantly.

Yes, an SMSF can invest in property, provided it adheres strictly to the SMSF's sole purpose test and your documented investment strategy. As specialist accountants, we ensure the transaction is compliant and accurately recorded.

Business real property (e.g., commercial premises) can be acquired by an SMSF from a related party, provided it is solely used for business purposes, the transaction is on commercial terms, and it's a permitted investment under your strategy. We advise on the strict documentation and valuation requirements.

No, SMSFs cannot acquire residential property for members or their related parties to live in. The property must be held solely for the purpose of providing retirement benefits, and any related party dealings are heavily regulated.

We account for property investments according to accounting standards, which includes initial cost valuation, recording rental income, managing expenses, and accounting for any capital gains or losses upon sale. We ensure all transactions are correctly documented for audit and tax purposes.

Rental income is generally taxed at the SMSF's concessional rate (15% in accumulation phase). Capital gains are taxed at a concessionally reduced rate. We ensure accurate tax calculations and reporting, and can advise on strategies like tax-effective depreciation.

This is permissible, but stringent rules apply regarding lease terms, rent levels (must be on market value), and the property's use. We help ensure the lease agreements and financial records comply with these regulations.

Yes, an independent, market-valued appraisal is generally required for property, especially if acquired from a related party, and at least every three years for ongoing reporting purposes. We can advise on the requirements for these valuations.

SMSFs can use limited recourse borrowing arrangements (LRBA) to acquire property. This involves complex structures and strict rules to ensure the borrowing is non-recourse to the SMSF's other assets. We can advise on the accounting and compliance aspects of setting up and managing an LRBA.

Legitimate expenses like interest on a loan, property management fees, rates, and repairs can often be claimed as deductions, reducing the SMSF's taxable income. We ensure these are properly documented and claimed correctly.

You need to keep records of the purchase contract, settlement statements, lease agreements, rental income records, all property-related expenses, loan documents (if any), and valuations. We will advise on the specific documentation required for your fund.

Yes, a key benefit of SMSFs is their ability to pay pensions directly to members in retirement. As specialist accountants, we ensure these pensions payments are administered compliantly and tax-effectively.

The most common types are account-based pensions and, in some limited circumstances, defined benefit pensions. We can advise on the accounting and compliance aspects of operating these pension types within your SMSF.

Starting a pension involves establishing a formal pension stream, often requiring a resolution from the trustees, and ensuring all compliance requirements are met before commencing payments. We guide you through this process.

Pension earnings are generally tax-free in the SMSF once a member is over 60. Payments made to a member over 60 are also tax-free. If the member is between 55-60, certain rules apply to the tax treatment of payments. We ensure accurate tax reporting.

There are minimum annual withdrawal requirements based on the member's age and the pension balance, which must be paid to maintain the fund's concessional tax status. There are also maximums for non-concessional contributions and transfer balance caps to consider. We help you manage these calculations.

We manage the ongoing administration, including calculating minimum/maximum payments, processing payments to members, maintaining accurate records of all transactions, and ensuring compliance with the Transfer Balance Cap and other reporting obligations to the ATO.

The TBC is a limit on the total amount of superannuation that can be transferred into the tax-free pension phase. Exceeding this cap can have tax implications. We help you monitor your transfer balance and ensure compliance.

Yes, you can usually adjust your pension payments within the minimum and maximum limits, and potentially switch between pension types. We can advise on the accounting and compliance implications of any such changes.

A: The treatment of your pension upon death depends on your SMSF's trust deed and any binding nominations. We can help you understand how your pension balance is handled according to SMSF law and your fund's specific rules.

You'll need to keep records of your pension commencement documents, all payment instructions and confirmations, member account balances, pension payment summaries, and any advice received regarding your pension.

Yes, an SMSF can hold insurance on the lives of its members, provided it is done within the sole purpose test and in accordance with the fund's investment strategy and trust deed. We ensure these policies are structured and administered correctly for compliance.

Typically, an SMSF can hold death benefits insurance (life cover) and, in certain circumstances, total and permanent disability (TPD) or income protection insurance. The key is that the insurance must primarily be for the benefit of the member or their dependants upon retirement or death.

Holding insurance within an SMSF can offer tax advantages, as premiums paid from the fund are usually tax-deductible at the fund's concessional rate (15%), whereas personal premiums are often paid from after-tax income. We help ensure this strategy is compliant.

Yes, insurance should be acquired at arm's length and be a genuine part of the fund's investment strategy for the benefit of members. We ensure the purchase process and ongoing policy arrangements comply with SMSF laws.

Insurance premiums paid are treated as expenses of the fund. The insurance policy itself is generally not shown as an asset on the balance sheet unless it has a surrender value that is legally accessible to the fund. We ensure accurate recording of premiums paid and any related liabilities.

Premiums are generally tax-deductible at the SMSF's concessional rate. Any death benefits paid out from the insurance policy are usually tax-free for beneficiaries over 60, or taxed concessionally for younger beneficiaries or dependants. We handle the correct tax treatment.

Generally, no. Premiums paid by the SMSF must be for insurance that covers the SMSF member as a member of the fund, not for personal insurance that has no direct connection to the fund's sole purpose test. We ensure premiums meet this requirement.

SMSFs generally cannot provide insurance cover for their own members directly from the fund unless it's a specific type of policy, like death cover, that meets strict conditions. We ensure the insurance held is compliant with these 'in-house' rules.

Your investment strategy should document whether the SMSF will hold insurance and for what purpose (e.g., death benefits, TPD). We ensure your strategy covers this aspect and that any insurance arrangements align with it.

You need to keep copies of the insurance policy documents, premium payment confirmations, any claims documentation, and evidence that the insurance aligns with the fund's strategy and SMSF laws. We will guide you on the specific records required.