SMSF Accountant & Accounting Services
Running a self-managed super fund means the trustees are responsible for the fund's records, tax, annual reporting and compliance with superannuation law. An SMSF accountant helps turn the fund's transactions and investment records into reliable annual accounts, tax reporting and information that can be provided to the independent auditor.
Financially Up provides SMSF accounting services for trustees who want practical support with annual accounts, the SMSF annual return and ongoing administration. We can also assist with SMSF setup and establishment and dedicated SMSF accounting where the fund needs a more focused service.
If you already have an SMSF, are establishing one or need help bringing annual records up to date, an initial discussion can clarify the fund's position, outstanding work and the appropriate accounting scope.
Trusted SMSF accounting, annual returns, and audit coordination for Australian trustees.
SMSF Accounting Practice
- Financial AccountsSMSF Financial StatementsOperating statements, statements of financial position & market values
- Tax ReturnSMSF Annual Return (SAR)ATO tax lodgements, tax liabilities & member allocations
- Audit LiaisonIndependent Audit CoordinationLiaison with ASIC-registered approved SMSF auditors
- Asset ValuationsProperty & Asset ValuationsRental records, lease reviews & 30 June market valuation evidence
- AdministrationAdministration & EstablishmentSetup support, member contributions & retirement-phase reporting
What does an SMSF accountant do?
An SMSF accountant supports the financial, tax and reporting side of the fund. The exact work depends on the fund's investments, member activity and stage of life, but commonly includes maintaining or reviewing accounting records, preparing annual financial statements, preparing the SMSF annual return and coordinating information for the fund's approved SMSF auditor.
Maintaining & Reviewing Records
Maintaining or reviewing accounting records, reconciling bank accounts, and organizing fund investment transactions.
Preparing Financial Statements
Preparing annual financial statements, including the operating statement and statement of financial position.
SMSF Annual Return Preparation
Preparing the SMSF annual return, calculating fund tax liabilities, franking credit refunds, and member reporting.
Auditor Information Coordination
Coordinating information, source records, and supporting schedules for the fund's approved independent SMSF auditor.
The auditor must remain independent
Every SMSF is required to have its financial statements and compliance audited each income year by an approved SMSF auditor registered with ASIC. Accounting and tax preparation can support the audit process, but the accountant does not replace the independent audit.
Statutory Separation
ASIC regulations require the approved SMSF auditor to be completely independent of the accounting firm that prepares the fund's financial statements and tax return.
Our SMSF Accounting Services
Financially Up assists Australian trustees across all stages of a self-managed super fund-from establishment and annual accounting to property, audit, compliance, and wind-up.
SMSF Accounting & Annual Accounts
Annual accounts, financial statements, tax reporting, and audit preparation for established self-managed super funds.
SMSF Setup & Establishment
Trustee structure selection, deed coordination, ABN/TFN registration, electronic service address, and establishment steps.
SMSF Property Accounting
Accounting, rental reconciliations, tax reporting, 30 June market valuations, and compliance for fund property assets.
SMSF LRBA Accounting
Limited recourse borrowing arrangement accounting, bare trust structures, loan schedules, and borrowing compliance.
SMSF Trustee Administration
Ongoing trustee support, records management, member reporting, contributions, pension phase drawdowns, and compliance.
SMSF Audit Coordination
Compiling audit-ready workpaper files, liaising with independent approved SMSF auditors, and lodgement readiness.
SMSF Compliance Support
Superannuation operating standards, trustee obligations, rectification of discrepancies, and regulatory requirements.
SMSF Wind Up & Closure
Final accounts, member benefits rollovers, final audit coordination, final annual return lodgement, and ATO closure.
Who may need SMSF accounting support?
SMSF accounting support can be useful for trustees who manage investments themselves but want the fund's records and reporting handled professionally. It may also be relevant where the fund has several investment types, property, pensions, rollovers, member contributions or historical bookkeeping that needs to be reconciled before year-end work can be completed.
Annual Accounts & Tax Reporting
trustees who want annual SMSF accounts and tax reporting prepared from investment and bank records
Multi-Asset & Property Reconciliations
funds with investment property, listed investments, managed funds, cash or other assets that need year-end reconciliation and valuation support
Retirement-Phase Benefit Management
trustees approaching or already paying retirement-phase benefits where member balances and reporting need careful attention
First-Year Fund Accounting
new SMSFs that need an accounting process established from the first year
Incomplete or Delayed Records
existing funds whose records are incomplete, inconsistent or behind schedule
Key annual SMSF accounting and compliance tasks
An SMSF is not simply an investment account. Each year the trustees need records that explain the fund's transactions and financial position. The ATO requires annual financial statements, including an operating statement and statement of financial position, and fund assets generally need to be reported at market value for annual reporting purposes.
The annual workflow typically involves reconciling bank and investment activity, recording contributions and rollovers, allocating member transactions, checking income and expenses, reviewing asset values, preparing the financial statements, arranging the independent audit and then lodging the SMSF annual return after the audit is finalized. Trustees must appoint an approved SMSF auditor at least 45 days before the annual return is due.
Reconciling Bank & Investments
reconciling bank and investment activity
Recording Contributions & Rollovers
recording contributions and rollovers
Allocating Member Transactions
allocating member transactions
Checking Income & Expenses
checking income and expenses
Reviewing Asset Values
reviewing asset values at market value
Preparing Financial Statements
preparing the financial statements (operating statement & balance sheet)
Arranging Independent Audit
arranging the independent audit with an ASIC-approved auditor
Lodging SMSF Annual Return
lodging the SMSF annual return after the audit is finalized
The 45-Day Auditor Appointment Rule
Superannuation law mandates that trustees must appoint an approved SMSF auditor at least 45 days before the annual return is due.Financially Up assists with timely audit workpaper packaging to ensure seamless handover to the independent auditor.
What records should SMSF trustees keep?
Good records make annual accounting and audit work more efficient and reduce the risk of unexplained transactions. Depending on the fund, useful records can include:
Bank & Cash Accounts
Investment Statements
Transaction Documents
Property & Rental Invoices
Member Contributions & Rollovers
Trustee Minutes & Decisions
Professional & Fund Invoices
SMSF records have different retention periods
Core Accounting & Financials
The ATO states that core accounting records and annual financial statements generally need to be kept for at least five years.
Trustee Minutes & Governance
Trustee meeting minutes, records of trustee changes and other specified governance records generally need to be kept for at least 10 years.
Trustee Declarations
A completed trustee declaration must be kept while the person remains a trustee or director, or for 10 years, whichever is longer.
SMSF accounting is different from investment advice
Accounting for an SMSF involves recording transactions, preparing financial statements, tax reporting and explaining accounting or tax consequences within scope. It does not mean recommending that you establish an SMSF, choose a particular investment, buy or sell an asset, or select a financial product.
Where a decision requires regulated financial product advice, an appropriately authorized financial adviser may be required. Trustees remain responsible for the SMSF and its investment decisions even when accountants, administrators or other professionals assist with parts of the work.
Financially Up Scope
- Recording fund transactions and bank reconciliations
- Preparing annual financial statements (operating statement & balance sheet)
- SMSF tax reporting and annual return lodgement
- Explaining accounting or tax consequences within scope
Licensed Financial Adviser Scope
- Recommending that you establish an SMSF
- Choosing a particular investment strategy or asset allocation
- Recommending to buy or sell an asset
- Selecting a specific financial product or personal insurance
How Financially Up can help
Financially Up can provide ongoing SMSF accounting and tax support, including year-end reconciliations, annual financial statements, SMSF tax reporting, member-account information and audit preparation. Where records are incomplete, we can identify what is missing and help organize the accounting information needed to move the fund toward completion.
If you are at the beginning of the process, our SMSF establishment service focuses on the setup and registration steps. If your fund is already operating and you mainly need annual accounts and reporting, our SMSF accounting service provides the narrower annual accounting focus.
Why choose Financially Up?
Financially Up Pty Ltd is a registered tax agent with more than 10 years of experience across accounting, taxation, bookkeeping and business advisory work. Our team includes CPA and IPA members, and we support clients Australia-wide through online appointments as well as in-person appointments. For SMSFs, our focus is clear records, accurate annual reporting and a practical handover of information for the independent audit.
Registered Tax Agent
Registered tax agent with full authority to prepare SMSF annual accounts, manage tax reporting, and liaise with the ATO.
CPA & IPA Members
Our team includes qualified CPA and IPA members adhering to rigorous professional and ethical superannuation accounting standards.
10+ Years Experience
More than 10 years of experience across accounting, taxation, bookkeeping and business advisory work for Australian trustees.
Australia-Wide Support
We support clients Australia-wide through flexible online appointments as well as dedicated in-person consultations.
Frequently asked questions
Common questions about mandatory annual audits, auditor independence, bookkeeping backlogs, and financial advice boundaries.
Yes. An SMSF must be audited each income year by an independent approved SMSF auditor registered with ASIC, even if the fund had no contributions or benefit payments during the year. The audit must be completed before the SMSF annual return is lodged.