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Self-Managed Superannuation Fund

What is a Self-Managed Super Fund

The SMSF is a private self-managed superannuation fund. The SMSF is a legal structure regulated by the ATO, and the trustees take full control of all investment and super contributions. The member of the SMSF can be individual trustees who are responsible for all tax and superannuation law's compliance. The reasons many people established their own SMSF because some retail and industry super funds charge excessive fees, commissions and the returns on investment are not guaranteed. Another reason is there are no options to borrowing money from your super fund to invest directly.

What is SMSF compliance:

  • The legal maximum number of members in an SMSF is no more than 6 members
  • All the members can be individual trustee and if the SMSF manage by a corporate trustee, all the members must be a director of the corporate trustee
  • The obligation to report a members who have left the fund during that financial year if their shares of investment has been payout.
  • The fund in the SMSF can only be used for investment until the member has reach preservation age.

Linssy & Co Accountants can assist with the preparation of SMSF financial statements, and lodgement of income tax return.

The SMSFs have to appoint an ‘approved auditor’ at least 30 days before the due date of the annual return. The annual income tax return cannot be lodged until the audit report has been finalised.

The annual return deadline for SMSFs is 31st of October. If a SMSFs was just registered, then they can lodge by 28th of February in the following year.

It is imperative SMSF audits are completed before your SMSF income tax return can be lodged. The ATO will penalise non-compliance of SMSF tax return, including:

  • Non or late lodgements of SMSF income tax return
  • There is  compliance breaches without an auditor contravention report
  • The contravention reports by the auditor has not been rectified auditor.

All SMSFs need to lodge an annual return each year in order to comply:

  • SMSF income tax returns
  • With the report superannuation regulatory information
  • With the report member contributions
  • Pay the annual supervisory levy to the ATO

It is recommended that SMSF trustees provide full details of their SMSF such as the SMSF trust deed, investment returns, bank statements, and other's paperwork in order to complete the income tax return.

The supervisory levy charge is $259 will be included in the notice of assessment, and is due to be paid by the date stated.
The levy needs to be paid even when a fund is in pension phase that is, the trustees have retired and the fund is currently paying benefits.

For SMSF annual income tax return, the ATO required trustees to complete questionnaires for ongoing disclosure about the SMSF’s regulatory compliance. The question is pertinent to SMSF financial transactions include:

  • the SMSF had any financial involvement with related parties
  • If the investments have been undertaken on an arm’s length basis
  • If the SMSF has allowed members access to assets and money before retirement
  • If the SMSF has engaged in activities of selling goods and/or services
  • If all assets are appropriately secured through documentation as owned by the SMSF
  • If all financial instruments have been revalued to current market value
  • If all assets were purchased and sold at a arm's length transaction
  • If all SMSF investments bank accounts, shares, unit trusts are appropriately registered in the name of the SMSF trustees
  • If the trustee personal assets or bank accounts has been kept separate to the SMSF assets
  • If the superannuation contributions have adhered to the concessional and non-concessional caps
  • If the non-cash contributions have been made to the SMSF
  • If the  trustees have paid themselves for their services
  • If any of the fund’s trustees have become disqualified during the year
  • If the approved auditor has provided consulting services other than auditing the fund to the SMSF

If the Trustee had disclose this information each year, and failing to answer may result in the SMSF return not being accepted by the tax office, and could even render a trustee liable for penalties that relate to making false or misleading statements.

SMSF trustees is liable for administrative penalties if and only when they:

  • Failed to lodge tax returns on time
  • Providing incorrect or misleading statements
  • failing to keep and retain records properly
  • failing to advise of a change of trustee, or other changes to the fund.

Failure to lodge an SMSF annual return by the due date can result in administrative penalties, loss of an SMSF’s tax concessions and render the SMSF non complying.

SMSF Lodgement Relief

If your fund is newly registered but has not started operating, and you advise the tax office in writing, you may not need to lodge an annual return.

Trustees may not need to lodge a return in the first year, or pay the supervisory levy of $259, if the SMSF:

  • was registered late in the financial year (April, May or June)
  • was not operating by 30th of June
  • had not received contributions or rollover amounts by 30th of June.

SMSF Fees & Services

Linssy & Co Accountants can assist with SMSF setup, income tax returns, and preparation of the SMSF financial statements.

Fees & services for self-managed super funds for new fund establishment

The Self-managed superannuation fund setup includes the following documents:

  • trust deed (original and duplicate)
  • trustee consent forms
  • minutes
  • member applications and tax file number notifications
  • binding death benefit nomination forms
  • product disclosure statement
  • indexed superannuation folder
  • Includes standard postage

SMSF EOFY Tax Administration

Our accountants will prepares the following paperwork including:

  • The financial accounts and income tax return
  • The BAS lodgement
  • for pension funds this includes the preparation of annual pension calculations together with the required minutes
  • fund audit

The Trust deed amendment

Our accountants will amend any changes in the SMSF trustees:

  • Update the SMSF deed or deed replacement
  • updating the trustee minutes
  • Updating member advice of amendment
  • The pro-forma binding death benefit beneficiary nominations

Pension documentation – account-based pension including transition to retirement income streams

Our accountants will prepares the following paperwork including:

  • The minimum / maximum calculations
  • Drafting letters and minutes
  • Prepare PAYGW registration (when under age 60)
  • tax file number declaration (when under age 60)
  • Advice of PAYG withholding tax (when under age 60)
  • Disclosure of all product statement
  • Pension agreement in duplicate

Superannuation consulting services

Our accountants will make an arrangement or referral you to any financial planner or advisor to assist with your SMSF strategic investment, tax planning advice to maximised your investment returns.

The Corporate trustee establishment fees

The Corporate Trustee legal documentation to satisfy the Corporations Act 2001 including:

  • The certification of Corporate Trustee registration
  • Company trustee constitution
  • The director and secretary consent forms
  • The application of units holders or shareholders
  • The minutes of meetings of directors
  • The share certificates
  • The share member registry
  • The consent form use for registered office (if the company does not occupy the registered office)
  • Includes ASIC Fee

SMSF setup take 10 business days

Our office can assist in the set-up of your self-managed superannuation fund, and providing a set of legal documents such as SMSF deed are available to be collects within 10 business days

EOFY SMSF Services

At Linssy & Co Accountants, we will provide full services to manage your SMSF including the annual financial accounts preparations, income tax returns obligations, financial statements and assist with annual audit of the fund to ensure compliance.

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  0411 913 825
Available on weekdays 9:00am to 5:00pm (EST)
PO BOX 592 Auburn NSW 1835
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