KNS ACCOUTANT
In Australia, those who have self-managed superannuation funds (SMSF) are responsible for their compliance with the relevant tax and auditing financial reporting laws.
Doing your own SMSF administration is possible, but it takes a lengthy amount of research, effort, and time. This system can often be quite complicated, so it can be beneficial to have an SMSF accountant help you to navigate through these complexities.
An accountant that’s an SMSF specialist is equipped to take care of it on your behalf. Thanks to their expertise and experience, a professional can help you optimise the overall value of your fund.
What Do Self-Managed Super Funds Accountants Do?
Our SMSF accountants in Sydney will manage the history of your super fund. This process entails looking at what has been done in the previous financial year and using those insights to lodge tax returns and keep records in the future.
A Sydney SMSF accountant can also provide professional guidance on maintaining complex compliance, tax matters, and even your business structure. Our team at KNS adopts a personalised approach to all self-managed superannuation funds. Part of our Sydney SMSF service is the way our experts consider your financial circumstances in order to suggest the best tax strategies for your needs. In turn, this helps help you reach your future financial goals.
Here are the benefits you can expect when you employ the services of SMSF accountants:
- We enter and prepare the trial balance, member statements, and annual financial statements of your self-managed super fund.
- We prepare and lodge your SMSF tax return annually.
- We liaise with the Australian Taxation Office (ATO) as tax agents.
- We receive your annual audit report for you from your super fund auditor.
- We arrange the trial balance and the GST return every quarter to lodge with the ATO, for example, if you own a commercial property.
- We do the calculations needed for segregation, part or full pension modes for member balances and the exempt pension deduction.
- We prepare and maintain your capital gains tax register, provide reports on your investments, and organise the minutes for your super fund.
- We collect the minutes and forms necessary to start, roll over, or retain your pension.
- We liaise with an Approved Actuary for you.
Why You Should Hire an SMSF Accountant, Sydney
Hiring an approved Sydney SMSF auditor can help you to avoid legal repercussions if any mistakes are made. If you slip up and lodge your tax return for your fund incorrectly, even if it’s just a simple error, this can result in legal consequences such as penalties and fines.
Sydney superannuation laws can be intricate. Without coming from a finance or accounting background, the extensive rules and regulations, exceptions to the rules, and tax laws can be a lot to juggle. As an individual, you certainly can succeed by taking the time and learning the ins and outs by yourself, but consider the following factors:
- It is strongly advised to have no mistakes on your reports, as they can flag the ATO and lead to an audit, or a hefty fine.
- Keep in mind that your retirement savings are at stake at the end of the day, so if you make mistakes, they can cost you significantly in the long haul.
We are an accounting firm that specialises in SMSF administration. Our team is equipped with all the qualifications and skills to oversee the legalities. We are certified tax agents and have ample experience administering clients throughout this field.
Navigate SMSF Setup With Ease
If you have industry or retail funds, you can benefit from having it all maintained for you. All you need to do is go online and enter your details, then wait a few days and it will be set up.
Setting up your own fund, in contrast, has more admin involved. It’s crucial that it’s set up correctly so that it will qualify for tax concessions and to receive contributions. It must also be straightforward to administer.
One of our SMSF accounting experts in Sydney can assist in this regard. We can advise you on issues surrounding:
- Registration
- Professional standards, legislation and obligations
- Opening a new bank account for your fund
- Appointing trustees
- Choosing a trustee structure
- Creating the trust and deed
- Applying for an ABN
You can be a trustee yourself, or you can choose to have a corporate trustee for the fund. Whichever you choose, the fund remains your responsibility. Although it can be appealing to control your own super, there is a significant amount of work involved – including risks. If you want to set up an SMSF, make sure that you are 100% committed and understand what’s involved, including managing SMSF assets.
At KNS Accounting, we care about each client, their personal situation, and their goals for their financial future. We offer guidance and solutions and ensure that you understand everything and know that we’re working in your best interest.
Let’s Get Started on Your Self-Managed Super Fund (SMSF)
Our Sydney professionals specialise in tax-effective SMSF accounting. Our wealth of experience means we can provide strategic advice to assist you in achieving the best possible outcome. Our Sydney SMSF experts aim to increase your wealth creation and decrease your losses, expenses, and how much tax you’re paying.
Plus, all of our highly trained professionals have specialist knowledge ready to be used, and can provide guidance on your investment strategy. We can also make changes that can optimise your strategy for the best possible results.
Our specialist team provides expert information drawn from facts that are based on the most recent legal developments in the super industry. We are committed to keeping you up to date so that you can respond quickly if there are changes in the regulatory environment.
KNS Accountants in Sydney are full-service business advisors with a passion for providing solutions regarding self-managed super funds. Whether you’re a novice wanting to set up your account from scratch or you’re a seasoned investor needing mentorship, an SMSF accountant in Sydney will provide quality service and add exceptional value.
If you need help with the entire setup, tax returns, or with managing your fund, contact our Sydney SMSF accountants today, and we’ll set up a consultation.
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Speak To Our Accountants, Business Advisors And Tax Agents Today!
KNS Accountants and Business Advisors is a full-service accounting firm that has been serving the Greater Sydney Area for over seven years.
We have three convenient locations in Penrith, Parramatta, and Blacktown, and our team of experienced professionals offers a broad range of services, including auditing, tax filing, financial planning, self-managed super fund tax advice and retirement planning.
Our certified practising accountant team pride themselves on providing personalised service and customised solutions to meet the unique needs of our clients.
Whether you are a small business owner, property investment executive, or sole trader, we have the knowledge and experience to help you achieve your financial goals.
Phone
(02) 9625 2388
info@knsaccountants.com.au
LUDDENHAM OFFICE
70 Campbell St Luddenham NSW 2745
Arndell Park Office
Suite 102, 69 Holbeche Rd Arndell Park NSW 2148
ALBURY OFFICE
Level 1, 6/571 Dean Street Albury NSW 2640
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We focus on relationships with our clients, being available to answer any business, accounting, or tax questions you have.
