Self managed super funds

TaxConsult provides SMSF accounting, tax and compliance services to trustees across Australia. Running your own fund gives you control over where your super is invested — it also makes you personally liable for the fund meeting its obligations. We handle the compliance work so that responsibility doesn’t become a burden.

Setting up an SMSF

Wherever you are in Australia, we handle the accounting and tax side of establishing your fund — structure, registrations, and getting it right from day one. Correcting a poorly established fund later costs considerably more than setting it up properly.

More than 1.2 million Australians now manage their super through an SMSF, across 672,805 funds holding over $1 trillion. The attraction is a wider range of permitted investments, including direct shares and property, subject to your trust deed and the superannuation rules.

SMSF services we offer:

SMSF setup
SMSF compliance
SMSF administration
Annual financial statements and member reporting
Audit coordination with an independent approved auditor
ATO correspondence and lodgement

SMSF audits

Every self-managed super fund must be audited annually by an independent approved auditor. Because we prepare the accounts for the funds we administer, we don’t audit those same funds — doing so would compromise the independence the law requires.

Instead, we prepare your fund so the audit runs cleanly, and arrange an independent approved auditor on your behalf. You get the audit done without having to find and manage an auditor yourself, and the independence requirement is properly met.

Tax return for SMSF

Why do I need to lodge an SMSF tax return?

It’s the law. Every self-managed super fund must lodge an annual return with the Australian Tax Office, separate from your personal tax return. This applies even if the fund made no income during the year.

Our team prepares and lodges SMSF returns for trustees across Adelaide and South Australia, and nationally.

Administration

We deliver your complete end-of-financial-year report package
This includes your financial reports, income tax return and member statements
We explain what the reports mean rather than simply handing them over
We keep the fund compliant through the year and coordinate the annual independent audit

FAQ

1. What is the tax rate for SMSF?

Like any super fund, the income and investment returns of an SMSF are only taxed at the 15% concessional tax rate.

2. What are the 5 basic types of superannuation funds?

Basically, there are five main types of funds: retail funds, public sector funds, corporate funds, self-managed funds and, our favourite, industry super funds.

3. What is the best bank for self managed super fund in Australia?

If you are interested in opening a SMSF bank account as an individual investor, you can control your SMSF cash flow with a Macquarie Cash Management Account (CMA), or learn more about managing your SMSF with our comprehensive toolkit.

4. Which is the best account for SMSF?

Macquarie cash management accounts are very popular amongst SMSFs due to the ease of setup (being entirely online) and the higher interest rates they pay on savings.

5. How do self-managed super funds work?

A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.

6. What is the 5 rule for SMSF?

You must also ensure the market value of your fund’s in-house assets doesn’t exceed 5% of the total market value of your fund’s assets.

7. What is the maximum withdrawal from SMSF?

Apart from the member’s super balance there is no restriction on the amount that can be withdrawn as a lump sum payment.

8. What is the minimum balance for SMSF?

There is no statutory minimum balance to start an SMSF. The government and most companies focus on the minimum dollar amount that is suitable for setting up an SMSF. Superannuation Warehouse makes SMSF’s available to many more individuals by keeping the setup and monthly fees as low as possible.

9. What is the tax rate for SMSF?

Like any super fund, the income and investment returns of an SMSF are only taxed at the 15% concessional tax rate.

10. Is superannuation the same as a pension?

A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.

Self Managed Super Funds Adelaide