There are significant tax benefits in using superannuation as a savings/investment vehicle for retirement. And increasing numbers of people are choosing to manage their own superannuation funds. When you set up your own SMSFor DIY Super Fund, you become the "trustee" for the fund and there are certain obligations that you must meet in that role.
Self-managed funds need to lodge a tax return and integrated regulatory return each year. And Tax Accounting for SMSF is a specialised field.
The Tax Office is increasing its review of SMSF accounts. Their main concerns is to ensure that funds operate within the superannuation law and comply with all relevant requirements of the SIS Act and regulations. If the fund is non-compliant, you as the trustee are held responsible.
At Arabon, we have a team of accountants trained in the special tax issues surronding superannuation. We have invested heavily in specialist software and training for superannuation. You may choose to do your own bookkeeping but most of our clients prefer to have one of our qualified accountants complete the data entry and ensure that all your transactions are allowed under the terms of your fund's trust deed and by the SIS Act and regulations.
During the course of the year, we can provide advice as to the tax implications of investments that you might be considering and whether there are likely to be any compliance issues involved. This helps to protect both you and the compliance status of your fund.
Contact us to discuss your SMSF tax accounting requirements.
Fees will vary depending on the number and complexity of transactions in the fund and the currency of the fund's deed. We can meet with you to talk about your specific situation and even recommend ways to reduce your accounting fees in subsequent years.