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Running a SMSF

Running a SMSF

Managing a Self-Managed Superannuation Fund (SMSF) provides you with direct control over your retirement savings, allowing for tailored investment decisions that align with your financial goals. However, operating an SMSF entails significant responsibilities to ensure compliance with superannuation laws and the effective management of the fund.

Key Responsibilities in Running an SMSF:

  • Trustee Duties:
    • As an SMSF trustee, you are responsible for all aspects of the fund’s operation, including making and executing investment decisions.
    • Trustees must act in the best interests of all members and adhere strictly to the fund’s trust deed and superannuation laws.
    • It’s important to note that trustees cannot receive remuneration for performing their duties.

  • Fund Management:

    • Bank Account: Establish a dedicated bank account for the SMSF to manage contributions, rollovers, investment income, and benefit payments.
    • Contributions and Rollovers: The fund can accept various types of contributions, including employer and personal contributions, as well as rollovers from other superannuation funds.
    • Investments: Develop and implement an investment strategy that considers risk, diversification, liquidity, and the individual circumstances of fund members.
    • Insurance: Assess the need for insurance coverage for members, such as life, total and permanent disability (TPD), and income protection insurance. While not mandatory, trustees are required to consider and document decisions regarding insurance for members.

  • Compliance Obligations:

    • Separation of Assets: Ensure that the SMSF’s assets are kept separate from personal assets of trustees and members.
    • Record-Keeping: Maintain accurate and comprehensive records of the fund’s operations, including financial statements and minutes of trustee meetings.
    • Reporting: Prepare and lodge the SMSF annual return, and ensure the fund undergoes an annual audit by an approved SMSF auditor.
    • Regulatory Adherence: Stay informed about and comply with all relevant superannuation laws and Australian Taxation Office (ATO) requirements.

Engaging Professional Assistance:

Given the complexities involved in managing an SMSF, seeking professional advice can be beneficial. At Bottrell Accounting, we offer comprehensive SMSF services, including:

  • Fund Establishment: Assisting with the setup of your SMSF, ensuring all legal and regulatory requirements are met.
  • Ongoing Administration: Providing support with record-keeping, compliance, and reporting obligations.
  • Investment Strategy Development: Helping formulate and review investment strategies tailored to your retirement objectives.
  • Audit Coordination: Facilitating the annual audit process to ensure compliance with superannuation laws.

By partnering with us, you can confidently navigate the responsibilities of running an SMSF, ensuring your fund operates effectively and in compliance with all regulatory requirements.

Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

How to contact us

  • In Person: Visit our conveniently located office at 45 Hunter St, Newcastle, NSW, 2300.
  • Online: Schedule a virtual appointment via Zoom or Teams for added convenience.
  • Mobile Tax Services: Benefit from the flexibility of having our expert CPA Newcastle accountants come to you for tax assistance.
  • Onsite Services: Enjoy personalized services delivered directly at your place of business.

Ready to streamline your bookkeeping processes and achieve greater financial clarity? Contact Bottrell Accounting today to schedule a consultation with one of our Newcastle bookkeepers. Let us help you take the hassle out of bookkeeping so you can focus on what you do best—growing your business.

Google Business Pages – Bottrell Accountants & Tax Agents

Bottrell Accountants Main Website – www.bottrellaccounting.com.au

Accountant Newcastle – 45 Hunter St, Newcastle, NSW, 2300

Accountant Maitland – 93 Lawes St, East Maitland, NSW, 2320

Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants
Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants
Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants
Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants
Bottrell Accountants | Newcastle Accounting Firm | Maitland Accountants

Our Accounting Services

Data Entry and Recordkeeping

Ensure your financial records are accurate and up-to-date with our professional data entry and recordkeeping services. Our experienced team will meticulously enter and organize your financial data, providing you with reliable information for informed decision-making..

Bank Reconciliation

Stay on top of your finances with our bank reconciliation services. We'll regularly reconcile your bank statements with your financial records to identify discrepancies, ensure accuracy, and maintain financial integrity.

Accounts Payable and Receivable Management

Optimize your cash flow and streamline your financial processes with our accounts payable and receivable management services. From invoicing and payments to collections and reconciliations, we'll ensure smooth operations and timely payments.

Financial Reporting

Gain valuable insights into your business's financial health with our comprehensive financial reporting services. We'll prepare and analyze profit and loss statements, balance sheets, and cash flow statements to help you make informed decisions and drive growth.

Payroll Processing

Simplify your payroll process and ensure compliance with our professional payroll processing services. We'll handle all aspects of payroll, including calculating wages, deductions, and tax withholdings, so you can focus on managing your business.

GST and BAS Lodgements

Stay compliant with taxation requirements with our GST and BAS lodgement services. Our experts will prepare and lodge your GST and BAS returns accurately and on time, saving you time and ensuring compliance with regulatory obligations.

Why Choose Bottrell Accountants & Financial Advisors?

At Bottrell Accountants & Financial Advisors, we pride ourselves on delivering exceptional services backed by decades of experience with our Bookkeeping services for small and medium businesses. Here’s why you should choose us:

Why Choose Bottrell Accountants & Financial Advisors?

    • Over Three Decades of Expertise:
      • With more than 30 years in the industry, our team brings a wealth of knowledge and practical insights.
    • Qualified Accountants, Tax Agents & Financial Planners:
      • Our skilled professionals include Chartered Accountants (CA), Certified Practicing Accountants (CPA), tax agents, financial planners, and bookkeepers.
      • We cover all aspects of accounting, taxation, and financial planning.
    • Personalized Service Tailored to Your Needs:
      • We understand that every client is unique. Our personalized approach ensures that your specific needs are met.
    • Local Expertise in Newcastle & Maitland:
      • As your trusted CPA Newcastle, we have a deep understanding of the local business landscape.
    • Dedicated Team Committed to Your Financial Success:
      • Our commitment extends beyond numbers. We’re dedicated to helping you achieve your financial goals.
  • Local Expertise in Newcastle & Maitland:
    • As your trusted CPA Newcastle, we have a deep understanding of the local business landscape.
Contact Us Now!

12+ Years Experience

With over a decade of experience, trust Bottrell Accountants & Financial Advisors for seasoned financial expertise.

Award Winning

Benefit from the knowledge and expertise of our certified accountants, who excel in their respective fields.

Qualified Accountants

Our team of chartered accountants & CPA, with over a decade of experience, brings a deep understanding of East Maitland's business landscape.

Specialist Services

Explore our specialized tax services, covering everything from individual income tax to corporate tax planning. Specialist bookkeeping for hospitality and retail businesses