SMSF Financials & Tax Returns
Accurate SMSF financials & tax returns are essential to keep your self-managed super fund (SMSF) compliant, transparent, and on track for retirement. Unlike standard personal or business accounting, SMSF accounting requires specialist knowledge of the Superannuation Industry (Supervision) Act 1993 (SIS) and the Income Tax Assessment Acts. Not all accountants have the expertise to manage SMSFs correctly, and errors can lead to penalties or compliance breaches with the ATO.
Why SMSF Accounting is Different
SMSF accounting goes beyond traditional bookkeeping. It must reflect both the fund’s overall financial position and each member’s individual balance. Each member’s contributions, earnings, and pensions need to be accurately calculated and reported. This complexity is why SMSFs require dedicated SMSF accountants who understand the regulatory framework and can prepare precise SMSF financial statements.
What SMSF Financials Include
- Profit & Loss Statement: Tracks all income and expenses of the fund for the financial year.
- Balance Sheet: Shows the fund’s total assets and liabilities to provide a clear snapshot of financial position.
- Member Balances: Each member’s account is calculated and reported to the ATO, ensuring contributions, earnings, and pensions are correctly allocated.
- Investment Summary: Details all assets held by the fund, including property, shares, and other investments, with current market values.
Our SMSF Financials & Tax Return Services
- Gathering financial data from clients and resolving any queries
- Sourcing market values for assets such as property, shares, and other investments
- Processing and reconciling all fund transactions
- Preparing and sending documentation to auditors
- Preparing and lodging BAS if required
- Sending documents to clients for signing
- Lodging the SMSF tax return on time with the ATO to maintain your fund’s compliance status
By managing each step meticulously, we ensure your SMSF remains compliant and your financial reports reflect an accurate picture of your fund’s performance.
Why Choose autoSMSF
At autoSMSF, all work is completed in-house by experienced SMSF accountants. We do not outsource any part of the accounting process, ensuring accuracy, confidentiality, and consistent quality. We provide fixed pricing, so you know the cost upfront with no surprises. From preparing SMSF financial statements and calculating member balances to SMSF tax lodgement, bookkeeping, and reporting, we provide comprehensive support tailored to your fund’s needs.
Accurate and compliant SMSF financials give you confidence in your fund’s performance and peace of mind that your obligations are fully met. With autoSMSF, your SMSF is in safe hands, ensuring it remains compliant and well-positioned for growth.
FAQ
When is the SMSF tax return due?
Generally by 31 October (or later if lodged via a tax agent), though dates may differ in certain first-year or late filing cases.
What financial statements are needed for a SMSF?
You need a profit & loss, balance sheet, member statements, investment income detail, and supporting disclosures.
Can I prepare my own SMSF financials?
Yes, but mistakes are risky. A specialist accountant ensures compliance, accuracy, and smooth audit paths.
Is the audit included when we do the tax return?
No, audit is a separate service; however, we coordinate it as part of the complete tax workflow.
What penalties apply for late SMSF tax returns?
The ATO may impose FTL (Failure to Lodge) penalties, suspend fund regulation status, or revoke tax concessions. Australian Taxation Office
Simplify Your SMSF Reporting
Let our accountants handle your annual statements, tax returns, and audit coordination.