Accountants have long helped self-managed super fund trustees set up their funds, keep them running and meet their accounting and audit obligations. Here is what that work usually involves.
The accounts and the tax
- Keeping the fund's accounting records up to date
- Preparing the annual financial statements, with reconciliations to support every balance
- Working out the fund's tax and preparing the SMSF annual return, including the effect of corporate actions such as share splits and mergers
- Researching tax questions when a transaction is out of the ordinary
- Preparing quarterly activity statements (BAS or IAS) when the fund must lodge them
Pensions and members
- Requesting actuarial certificates when the fund needs one to work out its exempt pension income
- Drafting pension documents and trustee minutes
- Preparing investment summaries part way through the year when the trustees ask for them
Compliance and the audit
- Helping trustees and their advisers fix compliance problems
- Working with the fund's approved SMSF auditor to finalise the audit
- Coordinating legal documents, such as a new trust deed, prepared by the fund's lawyers
Communication
- Managing the relationship with the trustees and their financial adviser
- Writing to trustees, advisers, the ATO and others as needed
- Guiding a new fund through the move into the firm's administration
An accountant does the preparation and gives guidance, but the trustees stay responsible for the fund. Advice on what the fund should invest in needs an Australian financial services licence or an exemption.
If your firm wants SMSF accounts prepared, Dhan Accountants does that work at smsfoutsourcing.com. For your other clients' accounts and returns, see our prices.