Posts

Corporate trustee vs individual trustee: which structure is right for your SMSF?

Image
  Every  Self-Managed Super Fund (SMSF)  needs trustees. That’s how the  Australian Taxation Office (ATO)  recognises who controls and manages the fund. But before you start, there’s one important choice to make – whether your  SMSF  will have a corporate trustee or individual trustees.  Both structures are accepted by the  ATO . They do the same job – managing the fund for its members – but they differ in cost, flexibility, and long-term management. Picking the right one can save you time, money, and effort in the future. Understanding the two structures People often think setting up an  SMSF  is all about investments and returns. It’s not. It starts with structure. That one decision shapes everything that follows – how you sign documents, how the ATO sees you, how you sleep at night when paperwork piles up. Now, with individual trustees, it’s pretty straightforward. Each member of the fund is also a trustee (there are special rule...
Post a Comment
Read more

Australia-wide SMSF Accountant — qualified and licensed

Image
  Managing a  Self-Managed Super Fund (SMSF)  isn’t just about numbers. It’s about compliance, clarity, and long-term control over your retirement savings. If you’re an accounting firm, tax agent, or SMSF administrator, you already know this. But what really makes the job easier — and safer — is working with a  qualified and licensed  SMSF accountant  who can  support clients Australia-wide . Whether your client base is local, regional, or spread across the country, you want an  Australia-wide  SMSF accountant  who understands the rules, keeps up with  ATO  updates, and handles everything with precision. That’s exactly what we do. Licensed to work, trusted to deliver Not all  SMSF accountants  are the same. You want someone who is registered with the Tax Practitioners Board (TPB), meets  ATO  licensing requirements, and can legally prepare and lodge SMSF returns. That’s the bare minimum. A  licensed ...
Post a Comment
Read more

What sets great SMSF accounting apart: Winning trust in a competitive market

Image
  Most  SMSF  providers say they offer great service. But what does “great” even mean when it comes to  SMSF accounting ? If you’re managing a  Self-Managed Super Fund  — whether you’re the trustee or the professional behind the scenes — you already know the stakes.  SMSF  is a complex structure. The compliance requirements are strict. One error can set off a domino of  ATO  headaches, fines, or worse. In this environment, trust becomes currency. Clients stay with you not because you promise results, but because you deliver clarity, consistency, and zero surprises. Let’s talk about what separates good  SMSF accounting  from great — and why trust is the real product you selling. Why trust matters in SMSF accounting This isn’t regular bookkeeping.  SMSF  accounting means handling a mix of compliance, audits, taxes, asset tracking, and lodgements. The wrong partner can leave gaps that cost money or bring unwanted attenti...
Post a Comment
Read more

How SMSFs are taxed in Australia

Image
  Like any other entity in Australia  SMSFs  pay tax on taxable income. SMSFs assessable income comprises of: Assessable contributions Interest or dividend payments Rent payment from property Capital gains In  Australian SMSF tax  rate is set at 15% in the accumulation phase with assets held more than one year get 1/3rd discount and once the fund is in the pension phase by following transfer balance cap rules taxed NIL. Highest marginal tax rate of 45% apply to non-arm’s length income or non-complying funds. Determining if the contribution made by fund members are assessable or not Whether a contribution becomes part of the assessable income of the fund or not depends on if the contribution is concessional or non-concessional. Concessional contribution includes employer contributions or member contributions where they are claiming deduction for that amount in their personal tax return. S290–170 notice needs to be completed for this deduction to be claimed. Conce...
Post a Comment
Read more

Does an SMSF accountant have to be different from an SMSF auditor?

Image
  Yes, they must be different. It’s the law. Every self-managed super fund must go through an annual audit. It’s a requirement set by the  Australian Taxation Office (ATO).  The audit includes two things: a financial audit and a compliance audit. The audit is done to make sure that your  SMSF  is working within the superannuation laws, and all your financial records are accurate and duly recorded. Here is an important thing: your  SMSF accountant  and your  SMSF auditor  cannot be the same person. They can’t even be a part of the same team doing both jobs. It’s like saying that the person giving an example is the same person who checks the paper. The reason is simple. The person reviewing the work ( SMSF auditor)  shouldn’t be the one who prepared it ( SMSF accountant ). That’s the only way the auditing remains fair, transparent and reliable. If your  SMSF accounting  and auditing are handled by the same person or the same agen...
Post a Comment
Read more

When is it not required to lodge SMSF annual return?

Image
  Once established legally all  SMSFs   are required to lodge annual return except in the first year of the  SMSF   registration if there are no assets in the fund, there is no requirement to lodge the tax return. Trustees can either request tax office for return not necessary or cancel fund’s registration. What are the requirements for the SMSFs for the approval of return not necessary? To be a trust structure  SMSF  is only establish once it has assets set aside for fund member benefits. If there are no assets in the fund in first year trustees can: 1. Write to the tax office and request funds registration to be cancelled 2. Request tax office to approve return not necessary by satisfying the conditions below: – In its first year of setup fund has no assets and did not receive any contribution or rollover for any fund member – Submit supporting document with the RNN request showing first date fund held assets and started operating. Example being...
Post a Comment
Read more