Self managed super funds
SMSF accounting and tax
Annual financial statements, the fund’s tax return and help meeting your compliance obligations, with the yearly audit done by an independent auditor.
Rated 5.0 out of 5 from 25 Google reviews · Chartered accountants · Registered tax agent
An SMSF accountant for trustees
A self managed super fund gives you control over your retirement savings, but it also makes you responsible for the fund’s records, reporting and compliance. As your SMSF accountant, we provide the accounting, tax and administration that help you meet your fund’s obligations. As trustees, you remain responsible for the fund’s decisions and compliance.
Is this you?
You run an SMSF and want a new accountant.
Your fund is moving into pension phase.
Your fund owns property, or borrows to buy it.
What we do
Every year
- Administration and record-keeping
- Annual financial statements
- SMSF annual return prepared and lodged
- Working with your independent SMSF auditor
- Tracking contributions and reporting them correctly
As your fund changes
- Pension phase accounting, tax and reporting
- Accounting and reporting for funds that borrow to buy property (LRBA)
- Recording the asset allocation decided by the trustees (we don’t recommend investments)
Setting up
- Administrative and tax help with establishment, after you have independently decided to set up an SMSF, with advice from an appropriately authorised financial adviser if needed
- Working with your lawyer, who prepares the trust deed and other legal documents
Before you start an SMSF
We don’t advise whether an SMSF is suitable for you or recommend financial products. Get that advice from an appropriately authorised financial adviser. We can explain the tax consequences within our role as a registered tax agent. Once you have independently decided, we provide administrative and tax help with the setup, coordinate with your lawyer and handle the ongoing accounting and tax.
Our pension and borrowing work is limited to accounting, tax, administration and reporting. We don’t recommend financial products, pensions, lenders or loans, arrange financial products or finance, or provide credit assistance.
How it works
1
Book a free chat
In 25 minutes, we go through your fund, its members and what you need from us. It’s free, with no obligation.
2
We collect your records
For an existing fund, we contact your previous accountant with your permission.
3
We prepare the year’s work
Financial statements, the annual return and everything the auditor needs.
4
Audit and lodgement
Your independent SMSF auditor completes the audit, then we lodge the fund’s annual return.
Your accountant in Carnegie
Angkor CA was founded in 2018 by Hy Seng, who has worked in accounting since 2013. We’re based in Carnegie, we explain things in plain English, and we speak English and Khmer.
Frequently asked questions
How many members can an SMSF have?
Up to 6, subject to eligibility and the trustee rules. Members generally act as individual trustees or as directors of a corporate trustee. A single-member fund needs a corporate trustee or 2 individual trustees, and relationship and employment restrictions apply. We recommend a corporate trustee for funds with 5 or 6 members. We check the trustee requirements for your fund.
Does my SMSF need an audit every year?
Yes, even if no contributions or payments were made. The auditor must be an approved SMSF auditor, independent of the fund, and appointed at least 45 days before the annual return needs to be lodged. The audit must be finished before the return is lodged.
Who is responsible for the fund?
The individual trustees, or the corporate trustee and its directors. They remain responsible for running the fund, its investment strategy and meeting its tax and super obligations. We help you meet those obligations, but the decisions stay with you.
What records does the fund need to keep?
Keep accounting records, annual statements, returns and supporting documents for at least 5 years. Keep minutes of trustee meetings and decisions, investment strategies and their reviews, and records of changes to members and trustees for at least 10 years. Accounting records must be kept in Australia, in English or in a form that is easy to convert to English. Some records need to be kept longer.
What is the trustee declaration?
New individual trustees and new directors of a corporate trustee must sign the ATO trustee declaration within 21 days of their appointment. Keep it while they remain a trustee or director, or for 10 years, whichever is longer.
Can you take over my existing SMSF?
Yes. Once you’ve engaged us, and with your permission, we request the fund’s records from your previous accountant, review the fund’s position and agree any outstanding work with you.
How much does SMSF accounting cost?
SMSF annual compliance starts from $2,750 a year incl. GST, plus the independent audit. That covers the financial statements, member statements, the fund’s annual return and arranging the audit, for a fund with up to 2 members in accumulation phase holding listed shares, cash or term deposits. Property, borrowing, pensions and more members are quoted. We agree the scope and fee with you in writing before we start, and your first chat is free: 25 minutes, with no obligation.