SMSF Accountant on the Sunshine Coast
Accounting, tax and compliance for self-managed super funds, from establishment and corporate trustees to annual returns, audits and pension phase. Local to the Sunshine Coast, available Australia-wide online.
Book a free 30-minute consultation
SMSF accounting, tax and compliance on the Sunshine Coast
Running a self-managed super fund puts you in the trustee's chair. You make the decisions, and you carry the legal responsibility for the fund meeting superannuation and tax law every year. Mentor Tax & Advisory looks after the accounting, tax and compliance side, so the paperwork is right, the audit goes smoothly and your annual return is lodged on time.
We work with trustees across the Sunshine Coast and Noosa, and with funds anywhere in Australia online. Whether you are setting up a new fund or moving an existing one to a local accountant, you deal directly with a Registered Tax Agent who knows SMSFs well.
Our SMSF services
SMSF establishment
We coordinate the set-up of a new fund once you have decided to go ahead, including:
- Trust deed and establishment documents
- Corporate trustee set-up, including company registration and director requirements
- ABN, TFN and registration with the ATO, plus the fund bank account checklist
- Trustee declarations and consents, and a record-keeping framework from day one
Many trustees choose a corporate trustee because it can make changes in membership and asset ownership simpler to manage. We explain how each structure works so you can make an informed choice. Note that a fund with a corporate trustee also pays ASIC fees.
Annual financial statements
Each year an SMSF must value its assets at market value and prepare a statement of financial position and an operating statement. We prepare these from your bank statements, investment reports and valuations, reconcile member balances, and allocate contributions and earnings to the correct member accounts.
SMSF annual return
The SMSF annual return (SAR) covers the fund's income tax return, regulatory information and member contribution reporting, and is how the supervisory levy is paid. We prepare and lodge it through our tax agent lodgment program. According to the ATO, the ongoing supervisory levy is $259 a year, and a newly registered fund pays $518 with its first return to cover the establishment year and the following year.
Independent audit coordination
Every SMSF must be audited each year by an independent, ASIC-registered SMSF auditor, and the ATO requires the auditor to be appointed at least 45 days before the annual return is due. We are not your auditor, which keeps the audit independent. We coordinate the process: we send the auditor a complete, well-organised file, answer their queries and help you resolve anything they raise.
Ongoing compliance support
Most SMSF problems start with a rule that was not well understood. We help trustees stay on the right side of:
- Investment strategy: the ATO expects a written strategy that considers members' circumstances, liquidity, diversification and insurance, and is reviewed regularly. We check the documentation is in place and current. The investment choices themselves are yours, made with a licensed adviser if you wish.
- The sole purpose test: the fund must exist to provide retirement or death benefits, not a present-day benefit to members or relatives.
- Related-party rules: generally a fund cannot acquire assets from, or lend money to, members or related parties, with limited exceptions.
- Limited recourse borrowing arrangements (LRBAs): an SMSF generally cannot borrow, except under strict LRBA rules. We account for LRBAs correctly and flag documentation the auditor will want to see.
- Business real property: one of the limited exceptions allows a fund to acquire business real property from a related party. Leasing it back to your own business has its own requirements, such as commercial terms and records.
Pension phase
When a member meets a condition of release and starts a retirement income stream, the fund's tax position and reporting change. We handle the accounting for pension phase, including minimum pension calculations, tax on fund earnings, and the transfer balance account reports the ATO requires once a pension begins.
Key SMSF deadlines
Lodgment dates depend on how and when your fund lodges. On current ATO guidance:
- Newly registered funds that lodge themselves, and funds with overdue prior-year returns, must lodge by 31 October.
- Where a tax agent lodges, the due date for a fund's first year (or first lodgment after a "return not necessary") is 28 February, unless the ATO reviewed the fund at registration and set 31 October.
- Later years follow the tax agent lodgment program, and we confirm your fund's exact date with you.
Late lodgment matters. The ATO warns that an overdue return can change your fund's Super Fund Lookup status to "regulation details removed", which can stop rollovers and employer contributions, and can lead to penalties and lost tax concessions.
Is an SMSF right for you?
That depends on your balance, your time, your skills and your goals, and it is a decision best made with full information. Our article Is an SMSF right for you? sets out the questions worth asking. We can explain the costs, workload and trustee obligations, but we do not tell you whether to set one up or what to invest in. If you want advice on that, we suggest speaking with a licensed financial adviser, and we are happy to work alongside them.
Many SMSF trustees also run a business or a family trust. If that is you, our guide to family trusts and our tax return service show how we can keep the whole picture in one place.
Why Mentor Tax & Advisory
- Experienced and qualified: Director Blake Land (BCom, AIPA, FNTAA) has more than 25 years in accounting and tax.
- Registered Tax Agent: TAN 25901938, so your SAR is lodged through the tax agent lodgment program.
- Local: more than 10 years serving Sunshine Coast clients, with face-to-face meetings available.
- Xero Level 2 Certified: useful when your fund's records and your business books live in the cloud.
- Clear scope: we focus on accounting, tax and compliance, and we tell you plainly what is and is not within our role.
Areas we serve
We act for SMSF trustees in Coolum Beach, Noosa, Maroochydore, Mooloolaba, Buderim, Caloundra, Gympie and across the wider Sunshine Coast, and for funds Australia-wide online.
Book a free 30-minute consultation
Business owners can book a free 30-minute consultation to talk through their fund's accounting and compliance. Contact us online or call 0400 074 846.
General information only. This page does not take into account your objectives, financial situation or needs and is not financial product advice. Mentor Tax & Advisory does not provide advice about whether to establish an SMSF or which investments to hold; consider seeking advice from a licensed financial adviser.
Frequently asked questions
What does an SMSF accountant do?
An SMSF accountant prepares the fund's annual financial statements, values and reconciles assets and member balances, prepares and lodges the SMSF annual return, and coordinates the independent audit. We also help trustees keep compliance records in order, such as the investment strategy and minutes. We do not provide financial product advice or recommend investments; those decisions sit with the trustees, ideally with a licensed financial adviser.
When is my SMSF annual return due?
It depends on how and when your fund lodges. Self-lodging new funds, and funds with overdue returns, must lodge by 31 October. If a tax agent lodges, a fund's first-year return is generally due 28 February unless the ATO has advised 31 October. Later years follow the tax agent lodgment program. We confirm your fund's exact date and work back from it, including appointing the auditor in time.
Do you audit my SMSF?
No. Every SMSF needs an independent, ASIC-registered SMSF auditor, and keeping the audit separate from the accounting protects that independence. We coordinate it for you: we arrange the auditor, send a complete file, answer their questions and help resolve any issues raised. The ATO requires the auditor to be appointed at least 45 days before the annual return is due.
Should my SMSF have a corporate trustee?
Many trustees choose a corporate trustee because it can make changes in members and asset ownership simpler to manage, but it also adds ASIC fees and company obligations. We explain how individual and corporate trustee structures work in practice and handle the set-up of either. Which structure suits you depends on your circumstances, so treat this as general information.
Can you tell me if I should start an SMSF?
We can explain the costs, the workload and the legal duties of being a trustee, and what the annual accounting, tax and audit involve. Whether an SMSF is appropriate for you is personal financial advice, which we do not provide. We recommend speaking with a licensed financial adviser, and we are happy to work alongside them once you have made your decision.
Can you take over an existing SMSF from another accountant?
Yes. We request the prior years' financial statements, returns, audit reports, the trust deed and investment strategy, then check that everything is up to date before preparing the next return. If earlier lodgments are outstanding, we prioritise them, because overdue returns can affect the fund's Super Fund Lookup status and its ability to receive rollovers and contributions.