Self Managed Super Fund Accountants

SMSF administration service for SMSF accountants, advisers and trustees

We are self-managed super fund accountants and tax experts who specialise in providing administration services for SMSF accountants and advisers.

We want SMSF accountants and advisers to concentrate on providing value-added services to their super funds while we take care of their back-office compliance and SMSF administration needs. They outsource their non-core work to us but remain in control of their client relationships.

We also have a full range of administration services for trustees of superannuation funds.

Who Needs Self-Managed Super Fund Accountants?

According to the latest ATO statistics, there are nearly 600,000 self-managed superannuation funds in Australia, with over 1.1 million members and assets approaching $790 billion. On average, each member has almost $700,000 in assets. The median is $415,000.

It can be a considerable challenge for SMSF trustees to manage these assets, make the right investment decisions, update their investment strategy, and comply with all the laws and regulations set out by the SIS Act, the ATO and ASIC.

No wonder self-managed super fund accountants and advisers are in demand! Even the ATO recommends that trustees seek professional advice.

And if you are an SMSF accountant or adviser, especially if you have several client funds, you need time to give proper financial and investment advice to each one. You don’t want to be distracted by day-to-day administration and taxation issues – but you cannot risk having clients make mistakes and fall foul of any laws or regulations.

The question is, which accountant is best for the administration of your self-managed superannuation fund?

What should you be looking for?

There are many good reasons for you to select SMSF Engine as your self-managed super fund accountants.

How Much SMSF Experience Does An Accountant Need?

The self-managed superannuation industry is a growing market, and many accountants are extending their general practices to take on some of this work. However, your SMSF service provider should have the necessary experience to assist you in setting up your SMSF and provide ongoing administrative support.

Self-managed superannuation is a complex and specialist field, requiring in-depth technical knowledge and the experience to identify and rectify issues – and prevent them before they even occur.

For example, it is critical to keep track of member balances, ensure contributions are within concessional and non-concessional caps, are only from approved sources, and take account of carry-forward amounts from previous years. At the same time, it is necessary to ensure that the fund does not incur any tax liabilities or penalties.

All of this requires very detailed knowledge of superannuation law.

The SMSF Engine team is Australian-based and has been offering administration services to SMSF accountants and advisers since 2012. Their SMSF experience stretches back to 2004.

We are members of the National Tax and Accountants Association (NTAA) and have been endorsed by the NTAA as the recommended administrator for their members.

Is Your SMSF Accountant Independent?

Is the SMSF accountant independent, or is there pressure to purchase other products or services?

Larger organisations may offer SMSF services as a way to establish relationships. They then cross-sell a range of ancillary products and services to lock in customers.

SMSF Engine only provides SMSF administration services. We do not offer clients any other products and services.

What Services Is An SMSF Accountant Permitted To Offer?

Accountants must comply with professional standards legislation.

ASIC, the Australian Securities and Investments Commission, has strict rules about the types of services that accountants may offer to SMSFs.

They categorise the services that self-managed super fund accountants offer into three groups:

Traditional Accountant Services

These services are not regulated as financial services.

They include, among others:
  • Annual financial statements
  • Preparation and lodgement of tax returns
  • Drafting of minutes
  • Members’ statements
  • Detailed recordkeeping

Accountants can perform these services just once a year or on an ongoing basis for those who want up-to-date information and investment revaluations at any point during the year.

Financial Product Advice For Self Managed Super Funds

Anything that would constitute financial product advice or influence decisions about an investment portfolio requires an Australian Financial Services licence – AFS licence.

Accountants may also need a credit licence to advise about specific types of borrowing – for example, for property investment (RG 203).

Some accountants have a “limited” AFS licence, which permits them to advise about a class of products, but not about a particular product.

Trustees should seek professional advice to set up their own investment strategy.

Our investment strategy preparer is a template that will assist accountants, advisers, and trustees.

Exempt SMSF Financial Services

Accountants do not require an AFS licence if they provide services that are incidental to another type of service they provide.

The following services are allowed:
  • Advice to ensure compliance with superannuation legislation
  • Advising on the process of establishing, winding up, or exiting from an SMSF
  • An opinion on the distribution of available funds across different investment categories
  • Tax advice on financial products
  • Acting as a Tax Agent and providing advice that would be associated with this role
  • Referring clients to an AFS licensee or representative for a financial product

SMSF Engine provides traditional accounting services and exempt SMSF financial services to SMSF accountants and financial advisers.

These SMSF accountants and financial advisers can then focus on providing financial product advice to their managed super funds.

SMSF Engine – What We Offer

We offer comprehensive administration and advanced technical services for superannuation funds.

Administration Services

We provide a comprehensive accounting, taxation and administration service to meet all SMSF compliance and Government regulatory requirements.

The following services are allowed:
  • We offer Daily or Daily Plus for ongoing SMSF administration or a simple Annual package for those who do not require daily administration, online access or advanced reporting.
  • We are very flexible and can add components as needed, including being your registered tax agent.

Other Services

We also offer other specialised and technical SMSF skills. These include:
  • Establishment and deeds.
  • Actuarial certificates
  • Investment strategy preparer
  • Property valuations
  • Title searches

Superior Customer Service

SMSF Engine has set up strategic partnerships with local auditors & actuaries to provide additional SMSF specialist services to clients who want them.

We have dedicated account managers who will provide free technical support to the accountants and advisers we serve.

We can provide technical clarity on issues such as
  • SMSF tax strategies, tax benefits, and compliance with Australian Taxation Office requirements
  • Pension and contribution options
  • Advice on accounting software choices, and
  • Suggestions for trustees facing complex issues

We pride ourselves on our customer service – response time is immediate or within 24 to 48 hours – and our cloud-based technology gives you 24/7 access to investment and fund reports.

Use our quick and easy, free SMSF outsource calculator to estimate how much you can save your SMSF clients by engaging SMSF Engine.

Looking for an SMSF Service Provider? Try SMSF Engine Today!

Speak with one of our specialists

Speak with one of our specialists