Self-Managed Super Funds
(aka SMSFs)
Self-managed super doesn’t have to be DIY.
SMSF – Freedom with Responsibility
Some taxpayers prefer to take greater control of their retirement savings and be more hands-on with the administration of their superannuation. While an SMSF offers that freedom, it also carries significant responsibility for its trustees.
SMSF – Understanding Our Roles and Responsibilities
While the ATO allows members to act as trustees of their own SMSF, the parameters are clear and the controls are strict — an SMSF is not for everyone.
Our role is administrative and compliance-based. We prepare the financial statements and tax returns, arrange for the audit to be completed by an independent third party, and assist with administrative documentation at our clients’ request.
We do everything possible to help trustees remain compliant, but ultimately, the responsibility rests with the trustee. In some cases, working alongside a licensed financial planner can be beneficial.
We see the compliance work as key to understanding your business.
Questions Bring Clarity
What are the key benefits of running my own Self-Managed Super Fund?
Running your own SMSF provides significant benefits in terms of the freedom and control you have over your retirement savings. It allows for a tailored investment strategy, direct oversight of your assets, and potentially greater flexibility in managing your superannuation for optimal tax benefits and long-term wealth building.
What are the responsibilities of an SMSF Trustee?
With the freedom of an SMSF comes significant responsibility on the Trustees. You are personally accountable for ensuring the fund complies with superannuation law, the fund’s trust deed, and for making decisions in the best financial interests of all members. This includes maintaining proper records, preparing financial statements, and arranging an annual audit. Stronger and tighter restrictions have been placed on Trustees in recent years, making compliance a critical focus.
How has the regulatory framework for SMSF advice changed?
The regulatory framework for SMSFs has changed materially in recent years. Specifically, advice that accountants like us were able to provide to SMSFs previously is no longer permissible without specific licensing and qualifications. This change means that direct financial product advice or recommendations regarding setting up or winding up an SMSF typically requires an Australian Financial Services (AFS) Licence.
What services can Atomic Business Advisers provide for my SMSF?
As expert Accountants and Tax Agents, Atomic Business Advisers will continue to provide the essential administrative and compliance services for your SMSF. Our core services in this area include:
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Preparation of Financial Statements for your SMSF.
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Preparation and lodgement of Taxation Returns for your SMSF.
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Ensuring your fund is prepared for its annual independent audit.
Our focus is on ensuring your SMSF’s ongoing compliance and robust record-keeping, which are foundational to its effective management.
Do SMSF Financials and Tax Returns require an annual audit?
Yes, it is a strict regulatory requirement that all SMSF Financial Statements and Tax Returns undergo an annual audit. This audit must be performed by an unrelated, third-party SMSF auditor, as per Australian regulations, to ensure the fund’s compliance and financial integrity. We will help you prepare everything for this audit.
Why don't Atomic Business Advisers provide direct financial advice for SMSFs anymore?
While we previously had staff maintaining the credentials to provide certain SMSF advice, we found that this was taking time away from our core focus on accounting, taxation, and advisory services – areas where we provide exceptional value. The regulatory changes reinforced our strategic decision to concentrate on our strengths: meticulous compliance, smart tax planning, and strategic business advisory, leaving specific financial product advice to licenced financial planners.
How does Atomic Business Advisers ensure my SMSF complies with the latest regulations?
Our deep expertise as Accountants and Tax Agents means we are always up-to-date with the latest regulatory changes from the ATO and ASIC affecting SMSFs. We meticulously prepare your fund’s financial statements and tax returns, ensuring they meet all current requirements. We also ensure all necessary documentation is ready for the annual independent audit, which verifies compliance.
How does your SMSF service integrate with your broader business advisory?
Our SMSF service is a key component of our holistic approach to your financial well-being. By managing your SMSF’s accounting and compliance, we gain a clear picture of your personal wealth alongside your business finances. This allows us to offer more informed, integrated advice on growing your overall wealth, protecting your assets, and planning for the long-term, aligning your superannuation strategy with your broader financial goals.
Let’s Build Something That Lasts
If you're looking for a business adviser who’ll walk alongside you, not just show up at tax time, we’d love to hear your story.
