Frequently Asked Questions about Self Managed Superannuation Funds

Which accountant is right for me?

Does your accountant return your calls?

Do you feel comfortable asking them a question?

Do you feel heard?

If you're a sole trader with the right accountant, the answers should be a resounding "Yes!"

What kind of sole trader businesses do you support?

I have the knowledge to administer virtually any micro business or sole trader, including IT consultants, VA’s, NDIS Contractors, someone conducting a business online or a medical person who has entered private practice for a couple of days a week.

My recent work history has featured sole traders, micro business and allied health professionals, many working in the NDIS space.

Please contact me if you would like to talk about your SMSF accounting needs.

How do I start working with you?

I provide a free initial consultation of up to 30-minutes for new business and SMSF (self managed superannuation fund) clients.

This allows me to get to know you a little and make sure I am comfortable working with you and you with me. It also allows me to find out what your needs are so I can provide an appropriate quote for the work required.

Some clients simply need their tax return completed each year; others need a little tax planning done in May/June of each year. Others still might have another area they need advice on.

The initial consultation allows me to understand your needs.

What information will I need to provide?

That really depends on what your individual situation is. For this reason, I generally like an up-front meeting (either virtual or in-person). Then I am able to give you a list of what I would need and confirm a price for the work.

Do I need to provide proof of identity documents?

When I take on a new client, I need to confirm your identity. The easiest options are a copy of your drivers' license or passport. When I ask for this, please don't be offended, I am simply following the law.

Further, the ATO have new mandatory Client to Agent linking for SMSF and many business clients. I can give you details of this process when we first meet.

How long will it take to process my tax return?

This depends on the complexity of the return. Some returns I finish and send for signing on the same day as the appointment. Others may take a bit longer. Unless I am waiting on information from you, I endeavour to have all individual tax returns done within two weeks.

SMSF work takes a bit longer, however the average time for completion of an SMSF is four weeks.

I don’t know much about Self-Managed Superannuation Funds - Why would I need an SMSF? Who do they work best for?

SMSF’s are for people who want to manage their own superannuation funds, rather than joining a pre-existing retail or industry fund.

That might be someone who wants to hold residential property in their super or other assets that you can’t hold in current retail or industry funds. It might be someone who simply wants total control over their super. Due to the complicated nature of self managed superannuation funds, it's often best to work with a professional SMSF accountant ensuring you comply with all relevant laws.

SMSF’s are not a “way out” for a sole trader or businesses already experiencing financial stress, or that struggle to manage their own money – that’s a totally different situation.

As a sole trader, when do I need to start collecting GST? And, can you help me sort that out?

You will need to register for GST either:

When your turnover for a year reaches $75,000 or
When you realise that your turnover for a year will reach $75,000.

Whichever of the above happens first. On occasion it can be worth registering prior to this. A good example of this is for medical people whose income is for the most part GST free. I am happy to assist with the registration and ongoing BAS lodgements in addition to your income tax needs.

When should I contact an accountant for my SMSF?

I believe that everyone who has a Self Managed Superannuation Fund should have an accountant. The rules are so complex and change so regularly that it is difficult for the layperson to stay up to date. The ATO take a very dim view to SMSFs that breach the rules and in many cases require the fund to be wound up and forbid those members from having a SMSF again. Further penalties for breaches of the SMSF rules can often run into the thousands of dollars.

If I mess up my bookkeeping system, will you help me sort it out?

Though it is work I can do, it would be best if you had a bookkeeper for this type of work. Their rates and services are better suited to your needs.

Do I need an Investment Trust?

If you are in an occupation where there is a relatively high risk of litigation, or if your family income is varied each year, trusts can be an excellent investment vehicle. They have a lot of flexibility and for people who don't like superannuation, they are an excellent alternative retirement savings vehicle. Unlike SMSF, the rules surrounding what a trust can hold and do with its investments is much more relaxed.

Send us an email if you have other questions