SMSF ACCOUNTING & COMPLIANCE

Self managed super funds are complex. As a trustee there are important rules
and obligations you must follow to maintain a compliant fund.

Why do I need an SMSF accountant?

 

You’ll find superannuation laws are continuously changing. The good news is you don’t have to manage your fund alone. Your accountant will explain the accounting compliance, tax issues to you in terms you understand

 

Leave the technical accounting and compliance tasks in the hands of experienced professionals.

 

Our accounting and compliance team prepare and provide the necessary regulatory documents you need for your SMSF to remain compliant handle the record keeping and administrative tasks, while keeping you informed every step of the way.

 

When do I need an SMSF accountant?

 

Establishing your fund

 

Your accountant will assist with setting up your SMSF and ensuring the correct trust structures are in place.

 

This can involve preparing legal documents and applications for our rollovers, bank accounts and regulatory registrations including Australian Business Number and Tax File Number.

 

Annual tax, auditing and compliance

 

SMSF trustees have important obligations they must meet and financial penalties apply if your fund is late in lodging the necessary paperwork. Otium’s accounting team makes this simple for you. We take care of the preparation of your annual compliance documents and administration duties.

 

This can include;

  • Conducting a valuation of assets
  • Preparing annual financial statements
  • Prepare and lodge your fund’s annual tax return
  • Actuarial certificates
  • Appointing and liaising with an independent auditor

 

SMSF investments

 

Our chartered accountants are always looking for areas of improvement and strategies to assist the growth of your self managed super fund. SMSF trustees are required to review their  SMSF investment strategies regularly which our accounting team can delegate to Otium’s in-house financial planners. You’re in control of your fund’s investments however, your accountant is there to explain the rules around SMSF investing, provide the financial data you need to make informed, strategic investment decision and report on the performance of your investments

 

Pensions

 

You’ll want an accountant to assist when it’s time to move your SMSF into pension phase. There are rules and tax implications you need to be aware of.  Your accountant can explain these tax implications to you in simple turns and provide the calculations needed to make sure your pension payments are within the minimum and maximum annual limits.

Take control of your personal wealth today.