SMSF Administration and Compliance

Running a self-managed super fund requires meeting annual compliance obligations that cannot be missed without generating ATO penalties and, in serious cases, funds being declared non-complying. The accounting component of an SMSF is separate from the financial advice component: the accountant ensures the fund meets its administrative and reporting obligations.

Linix Accountants provides SMSF administration and compliance from the Alexandria office, including annual financial statements, member statements, the SMSF annual return, and coordination with the fund's approved SMSF auditor.

The SMSF annual financial statements need to reflect the market value of all fund assets at 30 June each year. Every SMSF must be audited annually by an approved SMSF auditor independent of the fund. Linix coordinates with auditors on behalf of trustee clients, preparing the documentation the auditor requires and responding to queries arising during the audit process.

Linix provides SMSF administration as a standalone service or as part of a combined accounting engagement that includes the trustees' individual tax returns.

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Frequently Asked Questions

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An SMSF accountant handles the financial administration and compliance requirements of a self-managed super fund, including preparing the fund's annual financial statements and member statements, lodging the SMSF annual return with the ATO, ensuring records are in order for the annual audit, and coordinating with the approved SMSF auditor. This is separate from the financial adviser's role covering investment strategy and contribution planning.

SMSF trustees must lodge an SMSF annual return with the ATO each year, engage an approved SMSF auditor independently of the accounting practice, prepare annual financial statements reflecting market values at 30 June, issue member statements, ensure pension drawdown minimums are met, and keep accurate records of all fund transactions and trustee decisions.

SMSF accounting costs vary depending on the complexity of the fund's investments and the number of transactions during the year. Linix operates on a fixed-fee basis and provides a fee estimate upfront based on the fund's structure and activity level. Contact the practice at (02) 9158 9888 to discuss your fund's requirements.

Yes. Linix provides SMSF administration as part of a combined accounting engagement that includes the trustees' individual tax returns. This is the most efficient approach for most SMSF trustees, as the accountant already has access to the fund information needed to complete both the SMSF annual return and the individual returns accurately.