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Looking to set up a self managed superfund, or needing assistance to ensure your self managed superfund is compliant? It is important to be aware of what is really involved in setting up and managing a self managed super fund. The team at A Counting House has the expertise to assist you.

When you first set up, you need to:

  • Firstly, decide on fund members and trustees
  • Then establish the trust and trust deed
  • You will need to set up a bank account
  • And register with the ATO
  • Your SMSF will need an Investment strategy
  • And you must have a plan for when your SMSF ends.

Once your SMSF is set up, you need to consider

  • Rolling over of existing super into your SMSF
  • Organising employer contributions to go to your SMSF
  • Ensure you are accepting contributions within limits
  • Ensure you are making investments without breaking rules
  • Your investment strategy will need to be regularly reviewed
  • And you need to be documenting and maintaining records for up to 10 years.

Then, each year you need to:

  • Value assets held in your SMSF
  • Have accounts & financial statements prepared
  • A registered self-managed super fund auditor will need to be appointed
  • You need to lodge the annual return
  • And you will need to pay the self-managed super fund levy as well as any tax that’s due.

When you start making payments, you need to do the following:

  • Make the decision if any assets need to be sold
  • You need to ensure minimum payments are met each year
  • And you may also need to appoint an actuary
  • Or withhold tax
  • And give payment summaries to members of the SMSF as well as the ATO.

And when you are finished with your fund you need to:

  • Have a final audit of your SMSF
  • And lodge a final return
  • Plus you will also need to pay any outstanding tax
  • And pay out or roll over all of the assets into a trade or industry superfund
  • Close the self-managed super fund bank account. All remaining funds to be rolled into trade or industry super fund.
  • Write to the ATO advising them that your self-managed super fund has been closed.

By managing communications and correspondence with the Australian Taxation Office and by assisting you with the above services, A Counting House can give you peace of mind.

We invite you to contact us to discuss how we can assist you with your self managed superfund’s accounting and taxation needs.

What Our Clients Think


"The team at A Counting House have been looking after my personal and business taxation and finances for nearly 12 years. Their professionalism, service and dedication to me as a client is what keeps me coming back, and why I have no hesitation to recommend them to my colleagues. They made it so easy to set up my company, and look after all my taxation needs, making it far easier for me to concentrate on growing my business rather than worrying about endless paperwork. I am always made to feel welcome and appreciated, and they always have the answers to my questions. I look forward to another 12 years with A Counting House. Greg Seymour - Storage King Southport & Storage King Beenleigh

"Extraordinary Value and Service, On time relaxed feel, Professional and Capable, Standard Sole Trader Tax returns to full Company management. Scott Allan at A Counting House delivers on time what others struggle to do. After managing Companies, Sole Traders, partnerships and Trusts across three States I have never experienced such personalized and knowledgeable service where not only does the principle manage your returns, he has answers for everything and the Bill at the end is priced like the 80's! I only wish I had been introduced to Scott Allan years ago, if you want less stress and to save money A Counting House is your ticket."

- Eliza Job - Turf Renos


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