SMSF Accounting in Lake Macquarie
SMSF financial statements, records and audit coordination for trustees across the region.
SMSF Accounting in Lake Macquarie
GR & Co Accounting & Advisory Pty Ltd handles Self Managed Super Fund in Lake Macquarie work for trustees who want their fund kept in order without having to chase anyone for it. We are based in Morisset and act for funds across Newcastle, the Central Coast and the Hunter Valley. Running your own fund gives you control over how your retirement savings are invested. It also makes you personally responsible for meeting superannuation law, and the penalties for getting that wrong fall on the trustees rather than the adviser. Our role is to prepare the fund's accounts, keep the compliance record straight, and tell you what is required well before a deadline arrives.
To talk through your situation, call us on 02 4975 2075.
The Annual SMSF Cycle
Each year we prepare the fund's financial statements and member statements, process contributions, pensions, investment income and disposals, and reconcile every holding against its source records. We prepare the fund's annual return and the supporting workpapers the auditor will ask for. Because the audit must be carried out by an approved SMSF auditor who is independent of the accounting work, we do not audit funds we prepare. Instead we engage an independent auditor on your behalf and respond to their queries directly. If the fund pays a pension, we confirm the minimum drawdown for the year and let you know where you stand well before the end of financial year.
Support for SMSF Trustees
Most trustees do not have a compliance problem because they intended to break a rule. They have one because a payment was made from the wrong account, an asset was never formally recorded in the fund's name, or the investment strategy was written when the fund was set up and never looked at again. We work through those risk points as part of the annual cycle rather than raising them after the auditor does. That includes checking that fund assets are properly separated from personal assets, that the investment strategy on file reflects what the fund holds, and that trustee decisions during the year have been documented. Where something needs fixing, we explain what happened, what the options are and what we recommend doing next.
Trustee Responsibilities Explained
A few terms come up constantly, so it helps to know what they mean. The sole purpose test is the requirement that your fund exists only to provide retirement benefits, which is why fund assets cannot be used personally, even temporarily. The in-house asset rules limit how much of the fund can be invested in assets connected with trustees or their relatives, generally five per cent of total fund value. The arm's length rule means transactions between the fund and a related party must be on commercial terms. Contribution caps limit how much can go in each year, and exceeding them creates a tax problem rather than a benefit. We go through the ones that apply to your fund rather than handing you a list.
SMSF Accounting Questions Answered
General Advice — SMSF Accounting
This information is general in nature and does not take into account your personal financial situation, needs or objectives. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent financial advice.