What is a Self-Managed Super Fund?
Self -Managed Superannuation Funds or SMSF allow an individual or a group of individuals to directly manage how they allocate their superannuation towards investments. Essentially, an SMSF is a private super fund that you manage yourself and is different to industry and retail super funds.
Members of a self-managed super fund are also the trustees. This means members run the funds for their own benefit as opposed to outside membership. When running your own SMSF, you are responsible for complying with tax and super laws. This can be a daunting prospect, but stress can be reduced with SMSF accounting services.
Everything in one place
Our expert SMSF team understand the importance of saving for your retirement. By having a mixture of financial planning and SMSF accounting under one roof, we can offer a combined service. You should always speak to a financial planner when thinking about a SMSF.
Of course we recommend our own financial planning division who, along with our accounting side can help you best manage your fund.
How can our SMSF accountants assist?
- Initial SMSF setup
- Accounting for all members of the SMSF and SMSF clients
- SMSF Advice/advisers
- SMSF Administration
- All documentation and financial statements
- Annual compliance
- SMSF tax returns
- Member reports
- SMSF structuring advice and help with SMSF trustees
- Assist with audits
Our team work alongside our financial planners and hand over all the information to make sure all reporting on behalf of your fund is correct and ensure your SMSF meets all regulatory requirements, including tax returns and SMSF audits. Given all services are provided in-house, it makes the process smoother and hassle-free for the client as both accounting and financial planning are present in all meetings and can go through individualised client strategies as one cohesive unit.
Starting up an SMSF
We recommend consulting with a financial planner to assess the feasibility of establishing an SMSF. If you don’t have one, we can arrange a meeting with our in-house experts. Once you’re confident that an SMSF is right for you, we assist with the setup, including establishing the trust, registering with regulatory bodies such as the Australian Taxation Office, and facilitating rollovers from existing funds.
Once you are confident that an SMSF is right for you, New Wave can assist with the SMSF setup.
This will include:
- Establishing a Trust (SMSF) including all registrations and legal documentation.
- Registering your SMSF with the correct regulatory bodies
- Assisting you with the rollover from your industry funds
- Ongoing administration and Tax lodgements.
SMSF ongoing responsibilities and compliance
As an SMSF member, you’re responsible for the fund’s decisions and compliance. Annually, you must maintain all records, lodge an SMSF tax return to the Australian Taxation Office, and engage a third-party auditor to ensure compliance. Our team can assist with these obligations, providing peace of mind. We also help you develop a tailored investment strategy to ensure your fund is aligned with your long-term financial goals.
- You keep all records, documentation, invoices and receipts relating to the transactions that transpire within the financial year.
- You lodge an SMSF Tax Return to the ATO
- You engage a third-party auditor to ensure that your transactions are compliant
- You engage a financial planner where required
New Wave can assist with ensuring we take care of the obligations above.
Frequently asked questions
An SMSF accountant assists with fund setup, tax lodgement, compliance, administration, and financial reporting for self-managed super funds.
Yes—SMSFs come with complex compliance requirements. A qualified SMSF accountant ensures everything is accurate, legal, and tax-effective.
While possible, it’s recommended to consult professionals for setup and compliance to avoid costly mistakes or legal issues.
Fees depend on the complexity of your fund. We offer transparent, fixed-fee packages to suit most investors and retirement goals.
Yes, the ATO requires all SMSFs to be independently audited annually. We liaise with auditors to ensure your fund meets this requirement.
Resources
Top Benefits of SMSFs & Potential Downsides
How Can SMSFs Benefit Australians?
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