Cheap SMSF Accounting In Australia [Step By Step Best Guide]

By September 16, 2021 Blogs

A self-managed super fund (SMSF) is a private, retirement fund that you manage. Do you need a new Cheap SMSF Accounting in Australia setup or an SMSF tax return and audit completed for an existing fund?

Unlike Industry and retail super funds, which are managed by large banks and financial institutions, which charge fees as a percentage of your assets, and determine what you can invest in, without any control or direct ownership of your assets?

Every year, an SMSF must complete a set of financials and a tax return and an SMSF must be audited by an independent SMSF auditor and then filed with the ATO. At My SMSF, our panel of Auditors and Tax Agents complete your SMSF funds work within our App.

 Our service covers the following accounting and taxation tasks for SMSFs:

  • My SMSF Financials
  • SMSF Tax Return
  • My SMSF Audit
  • Section 290-170(4)form
  • Fund lenders letter
  • Super query support

Cheap SMSF Accounting in Australia Setup:

  • Setup of an SMSF:

We can help you set up your fund and apply for an ABN/TFN, set up a company to act as the trustee, and provide your fund with a deed. Further, we set up a bank account for the fund and prepare rollover documents and all necessary compliance forms. Lastly, we set up an ESA ( electronic service address) as is required by the ATO. We can also assist you with the transfer of your SMSF from your old provider to My SMSF. If you want to borrow money through your SMSF, we can help you set up Limited Recourse Borrowing Arrangements (LRBA) and the relevant structures, such as bare trusts.

  • Tax Returns & Administration:

Our expert panel of providers can handle all of your SMSF administration needs, allowing you to concentrate on your investments. We can help with contributions and pensions, as well as all of your record-keeping requirements so that we can create your annual financial statements and tax return.

  • Auditing:

Auditors are required to adhere to strict independence requirements that prohibit them from auditing their own work. We work closely with a number of auditors to meet your fund’s auditing needs. My SMSF handles the entire process, including consulting with the auditor and supplying all required documentation. At My SMSF We take care of all the details for you.

The following are key aspects that set us apart from other SMSF service providers:

  • All of our work is completed by skilled CPA standard accountants and experienced professionals using Xero and BGL SMSF accounting We pay all our providers in Australian dollars into a local account.
  • We let you use any broker, crypto exchange, gold dealer or diamond dealer, lender, or finance broker who is SMSF compliant. We receive no commissions for referrals.
  • Our purpose-built SMSF App lets you manage your fund and talk to the tax and audit professionals through it, to streamline your fund workflow, reducing costs and increasing efficiency and fund returns.

Accountant Services for SMSFs:

Regardless of where you are based in Australia, we can provide cheap SMSF accounting services. My SMSF’s panel Accounting and Audit services are at your disposal to help you save money and time.

Self-managed Super Funds (SMSF) give you direct ownership and control, investment flexibility and choice, and a tax deduction for all operating costs compared to retail and industry super funds. SMSF trustees are responsible for the investing and bookkeeping of their funds. We provide data feeds for crypto investments and bank transactions to simplify your responsibilities, in order to ensure that their Super fund complies with superannuation laws and regulations.

Self-Managed Super Fund (SMSF):

SMSF is a private super fund that you control and manage. Self-managed super funds (SMSFs), like other superannuation funds, allow you to save for retirement.

A member of an SMSF manages the fund for his or her own benefit, but generally outsources or employs an administrator like My SMSF, to handle its SMSF tax, SMSF audit, and financial reporting obligations.

Our SMSF Accountants use cutting-edge technologies to deliver low-cost SMSF tax and audits. My SMSF’s cost-effective SMSF Administration services are priced at $1,100 per annum including tax and audit work and super support.

How to Choose the Best Accountant for Your SMSF

SMSF accounting is a specialized field that necessitates a thorough understanding of Supe laws and tax laws. Our team completes general tax  CPD hours and specialist training for SMSF cryptocurrency and bitcoin investments and Gold, Silver, and Pink Diamond Investments. We pride ourselves on providing maximum legally allowed tax deductions, fast turnaround of tax work, and fixed fee service starting at $1,100 for an SMSF and free access to our App.

Our SMSF Accountants are among the most well-regarded SMSF accountants and auditors in Australia. Contact my SMSF / my SMSF property SMSF Accountants if you’re looking for an Australian tax agent with SMSF experience.

SMSF audit expertise and quality:

Automating some of the processes, such as employing Artificial Intelligence to analyze bank feeds and cross-check data, is one-way auditors may provide low-cost audits.

At My SMSF our auditors are leaders in SMSF crypto auditing with over five (5) years of experience in this new field.

Our Auditors are understanding, by accepting more than one method of asset valuation and by working with My SMSF and their clients to resolve and avoid breaches and potential ATO fund audits by being proactive and by establishing an operational framework to maintain high standards.

FAQS:

Is a specialist SMSF administrator required for an SMSF?

Choosing an SMSF administrator who specializes in, for example, bitcoin and cryptocurrency or property, will only give you more comfort that your provider has the knowledge and experience to manage your SMSF responsibilities.

Why is SMSF so different from personal returns or company returns?

Tax accountants are experts in tax law ( ITAA 97) but when it comes to SMSFs they are governed by two sets of laws. The first is the tax act and laws and the second is the super laws ( SIA Act 93 – 98)

This is where licenses are required for financial advice where the accountant gives personal advice on super matters and generally accountants are not very familiar with super laws. Most online providers like My SMSF offer general super information and use a licensed tax agent and licensed auditors to perform key services, bringing a best-of-breed practice approach to SMSF administration.

SUMMARY:

When searching for Cheap SMSF Accounting in Australia or accountants, you should make sure you understand what is included and how these services differ from a face-to-face local accountant or tax group. Technology and efficiency and an App are important to some people, however, others prefer the age-old way of accounting. My SMSF is one of a number of online SMSF administrators who specialize in cheap administration and accounting for SMSFs focusing on  Bitcoin and cryptocurrency, Gold and Pink diamonds investing. That use technology and scale to deliver savings for SMSFs members and trustees.

Our clients at My SMSF are mainly tech services professionals, financial, medical, and legal professionals, who appreciate consistency, efficiency, and support for a fixed price by trading old-style relationships for online systems and standards.

There are many types of SMSF service providers, Traditional accountants, financial planners, and Cheap SMSF Accounting in Australia online administrators like My SMSF. Our service is a no advice service with our clients making informed decisions to appoint us after doing their own research and completing our required learning steps. It is important to state that SMSF is not suitable for many Australians. It’s fair to say, that many superannuants do not have the time and expertise to make investment selections and bear the extra risk and responsibility of running an SMSF. Sound financial, tax, and legal advice should be sort before setting up an SMSF for your retirement.

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