Self managed Superannuation Funds (SMSF) are becoming an increasingly popular alternative for many investors, either dissatisfied with the larger superannuation funds or wishing to have more control over where and how their super is invested.

Each year SMSFs must prepare financial statements to report to members on the fund performance and lodge a tax and regulatory return.  These must be reviewed by an independent auditor before submission to the regulator.

The Australian Taxation Office has the regulatory responsibility for SMSFs ensuring that trustees comply with the Superannuation Industry Supervision Act (SIS) and the associated regulations.  Breaching some of the rules or failing to comply with others can trigger substantial penalties and loss of concessional tax rates.  

Accounting / Tax

Our accounting services include preparation of financial and members’ statements to comply with the various requirements.  R&A Baker Accountants can deal with funds in both accumulation and pension phases and combinations of the two.

We ensure that the various aspects of concessional and non-concessional contributions and taxable and non-taxable components are tracked effectively as these have long term effects on payouts.

We can also assist with tax planning aspects of investments and pensions including transition to retirement pensions.

Advisory & Regulatory Assistance

Considering setting up a SMSF.  R&A Baker Accountants provide a low cost consultation service outlining the duties of trustees, governing regulations and taxation implications allowing you to decide if a SMSF is for you.  Trustees considering transferring property or other investments to your fund should be aware of the limitations on purchases from related parties. We provide an advisory service allowing you to discuss proposed investments and actions in your SMSF to ensure your continued compliance.

Considering an acquisition which will require the fund to borrow.  We can advise on ways to ensure compliance with the limited borrowing rules.

Audit Services

SMSFs must be reviewed by an independent auditor before submission to the regulator.  R&A Baker Accountants offer a comprehensive audit service assisting you to ensure your continued compliance with all regulations and requirements.