SMSF Compliance & Audit Services
Compliant super fund administration for your business.
Are you a business owner with an SMSF, an accounting practice with SMSF clients, a financial advisor with compliance responsibilities, or a retiring accountant wanting to pass on your clients? Collab Accounting provides complete SMSF compliance and audit coordination to protect and deliver your compliance.
We go beyond the bare minimum! At Collab Accounting, we provide proactive and technically sound SMSF administration to keep you compliant with the strict super laws and regulations, allowing you to focus on your wealth and retirement with complete confidence!
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ISO 27001 & 9001 Certified
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- Our SMSF Compliance & Audit Services
Work Paper Preparation
Work papers are critical for SMSF compliance and audits. They include detailed information on all transactions, valuations, contributions, pension payments, member statements, and compliance checks.
TBAR Preparation
We prepare and lodge quarterly TBARs for SMSFs with total super balance over $1 million or annual TBARs to the ATO when pensions commence, stop, or are commuted, or when other transfer balance cap events occur.
SMSF Auditor Appointment
An independent registered SMSF auditor must be appointed every year. We can assist with the appointment of the auditor. We will also make the audit process easier for you. We will provide the auditor with the information and documentation that the auditor will need.
Year-End Compliance
We manage the year-end compliance for your SMSF. This includes closing accounts, preparing financial reports, preparing member statements, working out taxes, lodging annual returns, and auditing the fund.
Independent Reviews
We carry out internal reviews before audits to identify potential issues. This helps to prevent a qualified report.
Reporting
We offer reporting options that include monthly or quarterly reporting. This will keep you up to date with your SMSF.
- Our Capabilities
We handle the chaos, so you can build your business
Specialist SMSF Expertise
Access to expert accountants with extensive knowledge and experience with SMSFs, including contribution caps, pension rules, investment restrictions, in-house asset rules, and ATO compliance.
Thorough Documentation
Complete workpapers to document all transactions, decisions, and compliance to achieve a clean audit and minimize the risk of ATO scrutiny.
Accurate TBAR and ATO Reporting
Ensure timely and accurate TBAR and ATO compliance to avoid excess transfer balance taxes and penalties.
Integrated with Your SMSF Platform
Seamless integration with Class Super, BGL Simple Fund 360, SuperMate, and other popular SMSF platforms.
Who We Work with?
While Self-Managed Super Funds (SMSFs) provide control, flexibility, and tax-effective wealth accumulation strategies, this control also brings great responsibility. SMSF trustees must comply with the strict superannuation laws and regulations, reporting requirements, record-keeping requirements, and annual independent audits.
How we Work?
01.
Setup & Onboarding
We examine your SMSF Trust Deed, investment strategy, member information, and previous year’s information to set up the administration process and define compliance requirements.
02.
Ongoing Processing
We process all transactions related to your SMSF, including member contributions, rollovers, investments, income, expenses, and pensions.
03.
Quarterly Compliance
We monitor quarterly compliance with contribution caps, pension requirements, investment restrictions, related party transactions, and in-house assets.
04.
TBAR Prep & Lodgement
We prepare and lodge required reports with the ATO on a quarterly or annual basis to report pension commencement or cessation and/or commutation.
05.
Independent Pre-Audit Review
We conduct an internal review to identify any potential compliance problems or audit concerns.
06.
Year-End Finalisation
We finalize accounts, prepare financial reports, compute tax liabilities, finalize member statements, and lodge the annual return with the ATO.
07.
Auditor Coordination
We coordinate with auditors to finalize accounts, member statements, tax computations, and lodge the annual return with the ATO.
08.
Audit Completion & Follow-Up
We address any auditor queries and ensure your SMSF is compliant with new requirements at the start of the new financial year. All SMSF annual requirements are met.
FAQs
Many rules must be satisfied (sole purpose test, contribution caps, pension minimums, investment rules, in-house rules, related party rules, arm’s length income rules, annual audit and return lodgement rules, etc.). We can do it all for you.
The TBAR reports changes to your transfer balance account. This includes reporting the starting or ceasing of a pension. If your fund balance is over $1 million, it must be lodged every quarter. Otherwise, it must be lodged annually as part of the return. We can lodge the TBAR for you.
Non-compliance detected during the audit must be reported to the ATO. This can result in penalties or the loss of concessions. Alternatively, the trustees must be educated. We can manage this for you.
Yes. We can fix existing issues to ensure compliance for the future.
We can provide advice on investment strategy compliance. However, investment decisions must be made in accordance with a Financial Services License. We can work with your financial adviser to ensure compliance.
The cost will depend on the fund’s complexity, the number of members, the type of investments, and whether the fund is new or existing. We can provide a fixed quote. Please contact us to receive a quote.
- Ready to ensure your SMSF is compliant and audit-ready?
Contact us today for a free consultation and discover how Collab Accounting can protect your retirement savings with expert SMSF compliance and audit coordination.
