One complex part of managing a self-managed super fund is keeping up with the accounting obligations. Laws and requirements change regularly and penalties can apply for non-compliance. For this reason, most fund trustees engage an SMSF accounting expert like Vault to manage these obligations for them.
SMSF Accounting Obligations
A self-managed super fund has a tax file number, ABN and bank account to enable it to make investments, receive contributions and make payments. As the fund generates income, it must also pay tax, submit tax returns, meet accounting obligations and comply with relevant superannuation legislation.
To meet accounting obligations, an SMSF trustee must:
- provide the ATO with a signed trustee declaration confirming that they understand their responsibilities
- keep necessary records and provide financial statements
- prepare minutes about new resolutions and changes
- submit an SMSF tax return
- organise an independent audit and lodge the tax return once audited.
The complex rules and laws about SMSFs make compliance hard to manage. And the ATO can penalise trustees that don’t meet SMSF accounting and compliance obligations. Therefore, most trustees engage a very experienced SMSF accountant like our team at Vault to manage this work. Our SMSF accountant is across all SMSF legislation and any changes to make sure your fund is compliant at all times.
What An SMSF Accountant Does
Be very clear: SMSF accountants don’t just count money and print reports. They have an in-depth knowledge of SMSF law, tax and investments. SMSF accountants and auditors must be qualified and attend annual training to maintain their registration.
Our SMSF accountant will:
- prepare reports that meet all Australian accounting standards, legislation and regulations for SMSFs
- prepare minutes and member statements
- prepare financial statements and the annual SMSF tax return
- organise the tax return to be independently audited and lodge the return with the ATO.
Want To Know More?
At Vault, we don’t just provide numbers – we’re part of your team. We learn everything about your business so we can give you the best advice possible to achieve your objectives. Our SMSF accountants are highly experienced and knowledgeable about related laws and compliance requirements. They work hard to maintain their knowledge and skills through regular training.
Contact us to discuss bringing us on board your SMSF team.