Quick SMSF Accountants | Best SMSF Accountant Melbourne

  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...

  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...

  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...

  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...

  An  SMSF accountant   is not your average number cruncher. They don’t just do tax returns and send you a bill. They manage the accounting of entire financial life of your self-managed super fund — from preparing your accounts and processing contributions to making sure your fund meets every single   ATO   requirements. And when you’re dealing with your retirement money? That’s a big deal. Let’s know more. What’s a super fund and how’s it different from other business entities? A super fund is unlike your usual business account. Is not an investment property or a family trust either. A super fund is a regulated retirement savings structure. It gets special tax breaks — like only paying 15% tax on earnings and even 0% in the pension phase by following cap rules. But of course, with these benefits come responsibilities. For example, you can’t mix personal and super money. You cannot make early withdrawals. You can’t lend yourself cash from your fund even if it’s ...