Self Managed Super Fund (SMSF) Taxation and Compliance

Thinking about establishing your own super fund?
Ensure you are ATO compliant with Empire Accountants

What is a SMSF?

A Self-Managed Superannuation Fund (SMSF) is a DIY Superannuation fund that gives you the ability to manage your own super money. From the investments to insurance, you have full control over your fund.

With the autonomy of managing your own superfund, comes responsibility. The purpose of a superfund is to accumulate wealth and fund your retirement. The difference between a SMSF and other funds, is that the members are also usually the trustees, meaning the members run the fund for their benefit. With this, there are super and tax laws to follow.

The taxation requirements of a SMSF

It is an ATO requirement that an audited SMSF return is lodged each year. An annual return is an important document that covers the tax return, financial statements, auditors report and member contribution reporting.

ATO compliance is imperative when managing your own super fund. The ATO have the power to change the status of your fund to ‘Regulation Details Removed’ when your annual reporting is lodged late. This means that the SMSF is unable to receive super guarantee payments from employers, or rollovers from other funds. The ATO can also issue failure to lodge and administration penalties for non-lodgement compliance.

This is where Empire Accountants can provide the most value for your SMSF management!

We will work with you to ensure your lodgements are kept up to date each year, helping you remain compliant and operate your fund effectively.

SMSF Administration and Compliance

As a registered tax agent, Empire Accountants can provide some advice on administration and compliance for your SMSF. However, our core service involves preparing the annual financial statements, tax return and audit.

Our Expert SMSF Services:

  • SMSF Administration: Our team of experts can advise on administration and operational issues, including establishment, adding trustees/members and the valuation of fund assets.
  • Ongoing Compliance Services: From financial statements to audits, we will ensure your SMSF is compliant with all regulations and policies.
  • Upfront Fixed-Fee Quotes: Here at Empire Accountants, we’re committed to providing an honest and straightforward process for you–that includes providing you with upfront quotes for fixed fees.
  • Licensed Professionals: We understand the importance of quality reporting and management of your Self-Managed Superannuation Fund. In addition, we are aware that audits must be conducted by an approved auditor. As such, our audit professionals are independent and registered with the ASIC.

It is also a requirement of a SMSF to have an investment strategy. For investment strategies and recommendations, you are required to seek advice from a licensed Financial Planner. Empire Accountants can refer you to a licensed professional for more on the risks and responsibilities that come with managing a SMSF.

For assistance with SMSF administration and ongoing compliance, contact Empire Accountants today for your complimentary consultation.

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