SMSF is a retirement saving vehicle which gives control to trustee to manage the retirement savings of the fund members. SMSF can have up to six members where mostly members act as fund trustees or director of corporate trustee of the fund and look after the management of the fund. Other names given to SMSF are DIY Fund, family fund or dad and mum fund. Some important points to consider when deciding to start an SMSF: time and skill to handle this, costs involved, need to comply with superannuation rules and regulations, admin work involved in the management of the fund.
Once the SMSF is set up and you started taking control of your retirement savings we can help in the rollover and contributions for members in to the SMSF by providing the electronic service address (ESA) from BGL Simple Fund 360 software to comply with the super stream standards.
We will provide you with the trustee and employer notification letter which has the ESA and super stream details and this can be provided to members employer for contributions.
For the preparation of accounts and tax return we use specialist SMSF accounting software BGL simple fund 360 where a variety of SMSF members and investments reports can be generated to easily understand the funds financial position and regular performance.
We can provide the variety of financial reports including: Statement of financial position, operating statement, member statements, investment summary report, investment income report, realised capital gain report, unrealised capital gain report, investment performance report, minutes of meetings, annual return.
Once the members have decided to start pension from the fund after satisfying all conditions of pension start, we can help in the accounting of the SMSF accounts. In our SMSF software we can handle start of pension account and if any changed required in future from accounting side.
At some stage in future SMSF might needs to be wind up. We can assist in the winding up of the super fund by preparing final accounts and tax return and independent audit of the fund. Once the audit in completed we can lodge the final SMSF tax return and to cancel funds registration with the tax office.
As a client of Superannuation Accounting Services, you will have assistance of professionals who are qualified and experts in the SMSF field and always ready to help you with tax and compliance related queries in timely and professional manner. Our team of professionals can also help with SMSF tax advise and assist if there is ATO audit.
If you are looking for professional superannuation accounting services at affordable price where all the work is done by qualified and experienced professionals in Australia based office, please feel free to contact SMSF Accounting Services.
