Self-managed Super Funds
Self-Managed Superannuation Funds (SMSFs) offer greater control, flexibility, and transparency over how your retirement savings are invested, making them a popular choice for business owners and individuals seeking more active involvement in their superannuation strategy.
With an SMSF, members are typically also the trustees, giving them direct control over investment decisions. However, this responsibility also comes with strict compliance obligations, including accounting, taxation, reporting, and ongoing regulatory requirements.
At North Coast Accounting, we provide end-to-end SMSF support—from setup and structuring through to ongoing accounting, tax returns, financial statements, and compliance. Our experienced team ensures your fund remains fully compliant while helping you make informed, strategic decisions about your retirement wealth.
Speak with our SMSF specialists today to receive tailored advice and discover whether an SMSF is the right structure to help you achieve your long-term financial goals.
Why setup an SMSF?
Having your own SMSF gives you greater control over your investments. The fund can purchase commercial property and lease it to your business (provided it pays market-based rent), buy shares and other listed investments through your broker, or invest directly in specific shares and managed funds of your choice.
An SMSF can provide life and TPD insurance to its members, helping manage personal risk in line with the member's needs and requirements.
Generally speaking, the larger the fund balance, the higher the fund costs, as administrative fees are generally calculated as a percentage of the member's balance. An SMSF incurs costs for account preparation, audits, compliance and tax returns. However, it's worthwhile to compare these costs and make an informed decision, considering your fund balance will typically be maintained for 20 to 30 years.
An SMSF allows up to four members - typically family members - to join the fund. By pooling their savings into a single SMSF, they can reduce costs and access investment opportunities that may not be feasible individually.
Putting Your Experience to Practice
Managing an SMSF requires a significant time commitment - from handling paperwork and compliance to selecting the right investments, monitoring performance, and staying up to date with superannuation changes that may affect your fund. If you have the right aptitude and experience, why not put it into practice and see how everything comes together?
At North Coast Accounting, we have the experience and expertise in SMSF tax strategies, compliance requirements, and administrative processes to support you every step of the way.
SMSF Services
SMSF Setup
At North Coast Accounting, we assist clients with the initial setup of their SMSF, guiding them through all key considerations. The setup process includes creating a trust deed, appointing trustees, registering the fund with the ATO, opening a dedicated bank account, rolling over your existing super, and developing an investment strategy. If you are considering starting an SMSF, speak to us to arrange a meeting with a licensed financial planner who can provide independent and unbiased advice.
Once the financial planner confirms that an SMSF is the right strategy for you, we can proceed with establishing the fund, including applying for a separate TFN, ABN, and completing all required ATO registrations.
SMSF Tax & Accounting
An SMSF must maintain a separate bank account and keep its investments distinct from those of the member trustees or directors. It is also required to prepare annual financial statements, have them audited by an approved SMSF auditor, and lodge an annual Superannuation Tax Return with the Australian Tax Office.
We offer the following SMSF tax and accounting services:
- Annual Financial Statements
- Income Tax Returns
- SMSF Compliance
- SMSF Tax Advice on Investment Implications
SMSF Audit
Every SMSF must undergo an annual audit conducted by an ASIC-registered SMSF auditor. At North Coast Accounting, our Principal, Nish Shah, is an ASIC registered SMSF auditor. We provide independent audit services and have developed expertise across a wide range of super funds - from straightforward to complex.
Our audit experience includes funds with:
- Standard bank deposits
- Share portfolios
- Investments in managed funds and USD-denominated funds
- Residential and commercial property holdings
- Limited Recourse Borrowing (LRB) arrangements
- Pension-paying funds
- Investment in precious metals
- Property development through SMSFs
Frequently Asked Questions
What is a Self-Managed Super Fund (SMSF)?
A Self-Managed Super Fund (SMSF) is a private superannuation fund that gives members greater control over how their retirement savings are invested. Unlike industry or retail super funds, the members are generally also the trustees and are responsible for managing the fund and complying with superannuation laws.
Why would I consider setting up an SMSF?
Many people establish an SMSF to gain greater control over their investments, invest in commercial property, pool family super balances, and create a tailored retirement strategy. However, an SMSF also comes with additional responsibilities and compliance requirements.
How many members can an SMSF have?
An SMSF can have up to six members. Members are generally required to be trustees (or directors of the corporate trustee) and participate in managing the fund.
Can my SMSF purchase property?
Yes. An SMSF can invest in residential or commercial property provided the investment complies with superannuation laws and the fund's investment strategy. Commercial property may also be leased to a related business at market rent.
Can my SMSF borrow money to buy property?
Yes. SMSFs may borrow under a Limited Recourse Borrowing Arrangement (LRBA), subject to strict legislative requirements. We can help you understand the rules and work with your finance and legal advisers throughout the process.
The setup process generally includes establishing a trust deed, appointing trustees, obtaining an ABN and TFN, registering the fund with the ATO, opening a bank account, preparing an investment strategy and rolling over existing super balances. We can manage the entire setup process for you.
Is an SMSF suitable for everyone?
No. An SMSF is not appropriate for every investor. Before establishing a fund, you should consider the costs, responsibilities, investment objectives and time commitment involved. We can help you assess whether an SMSF is right for your circumstances.
What are the ongoing compliance requirements of an SMSF?
SMSF trustees must maintain accurate records, prepare annual financial statements, lodge an annual SMSF tax return, comply with superannuation legislation and arrange an independent audit each year.
Does every SMSF need an annual audit?
Yes. Every SMSF is required to be audited annually by an ASIC-registered SMSF auditor before lodging its annual return with the ATO.
Can North Coast Accounting complete my SMSF audit?
Yes. Our Principal, Nish Shah, is an ASIC-registered SMSF auditor and can perform independent SMSF audits for eligible funds. We have experience auditing funds with shares, property, managed funds, pensions and borrowing arrangements.
What SMSF accounting services do you provide?
We provide comprehensive SMSF services including:
- SMSF establishment
- Annual financial statements
- SMSF tax returns
- Compliance reporting
- SMSF tax advice
- Audit services
- Pension and retirement phase reporting
- Assistance with property and investment transactions
Can an SMSF own shares and managed funds?
Yes. SMSFs can invest in a wide range of assets including Australian shares, international shares, managed funds, ETFs, term deposits and property, provided the investments comply with the fund's investment strategy and superannuation laws.
Can family members have an SMSF together?
Yes. Many SMSFs are established by couples or family members who wish to pool their superannuation balances and investment resources into a single fund.
How much does it cost to run an SMSF?
The cost depends on the complexity of the fund and its investments. Costs may include accounting fees, tax return preparation, audit fees, ASIC fees (for corporate trustees) and investment-related expenses. We can provide a fixed-fee quote based on your circumstances.
Can you help if my SMSF has fallen behind with its compliance?
Yes. We regularly assist trustees with overdue SMSF tax returns, financial statements, audits and ATO compliance matters. We can help bring your fund up to date and minimise future compliance risks.
Yes. Once members meet the relevant conditions of release, an SMSF can commence retirement pensions and provide tax-effective retirement income streams. We can assist with pension setup and ongoing compliance.
What happens if I no longer want my SMSF?
An SMSF can be wound up if it is no longer suitable for your circumstances. We can assist with the wind-up process, final tax return, member rollovers and ATO requirements.
Why choose North Coast Accounting for SMSF services?
Our experienced Chartered Accountants provide a complete SMSF solution including setup, accounting, tax, compliance and audit services. We help trustees meet their obligations while maximising the benefits and flexibility that an SMSF can provide.
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Book your free, no-obligation consultation and take the first step towards smarter tax planning, better business decisions and long-term financial success.