Tax Compliance
We specialise in the administration and preparation of tax returns for self-managed superfunds (SMSF). To keep costs down and improve efficiency, we require clients to go through a tax information checklist. This ensures that you give us the complete information, bank statements and contributions details we need to finish your superfund's tax return.
The critical areas are classification of employer and member contribution, investment in in-house assets, haven't reached preservation age and illegally withdrawing cash from superfund to support your business cash flow, using superfund to purchase items that a reasonable person would say for private use and not investment grade, Eg. cars, caravans, boats, wines and spirits, vintage toys.
Trustees are required to comply with the Superannuation Industry Supervisory Act 1993 (SISA) and the Superannuation Industry Supervisory Regulations 1994 (SISR). Don't worry, ME Superfund will advice and educate you on the rules and regulations. If you have any questions, please feel free to contact us.
For the preparation of your SMSF accounts and tax, we charge a tiered fee depending on the opening fund balance for the year.
| Opening fund balance | Cost for preparing tax return and financial reports |
| under $500,000 | $660 (incl GST) |
| $500,000 to $1,000,000 | $900 (incl GST) |
| $1,000,001 to $3,000,000 | $1100 (incl GST) |
| more than $3,000,000 | $3,000 (incl GST) |
There is no restriction to which bank you use or which stock broker you are with. Unlimited transactions, unlimited investments. You can have 5 shares or 50 different shares in your portfolio, be trading 5 times a year or 5 times a day. You can have artworks and collectables in your SMSF. The accounting fees are flat.
Funds with pension and accumulation accounts but unsegregated assets need an actuarial certificate. An acturial certificate costs an additional $110.00. For example fund balance under $500k, $660 + $110 = $770
The above fees does not include Auditor fees. Audit fees are charged separately by the auditor and it costs $330 to $500 in general for funds with direct shares, term deposits and a few managed investments. SMSFs with artworks and collectables, dealing with derivatives, options and CFDs and non-standard investments will cost more than $495 to audit. Problem funds that contravene the SIS Act and have not taken steps to resolve the contravention will also cost more than $495 to audit.
If interested, go through this checklist of documents required to prepare the tax return and audit. Click NEW SMSF Checklist.
