Self Managed Superanuation Fund (SMSF)

The Michael Lee and Associates team has a wealth of experience in superannuation. We are happy to give our clients advice on how to manage superannuation for their employees, all the way through to getting up a self-managed superannuation fund (SMSF) itself, and understanding the requirements must be met by SMSF trustees.

SMSF trustees are required by law to provide financial statements, lodge income tax returns, and submit audit reports and other relevant statements to the Australian Taxation Office (ATO) each year. The Australian Taxation Office also requires all SMSFs to be audited annually by an ATO-approved SMSF auditor.

Not only are our SMSF auditors approved under the Superannuation Industry Supervision Act, 1993, the Michael Lee and Associates team approaches the SMSF audit process holistically. We know that, as your business grows, it’s most efficient to have just one point of contact when it comes to your business financials. At Michael Lee and Associates, we work closely with experienced, external professionals, bringing together qualified accountants, SMSF advisors, auditors, tax consultants and financial planners, with a view to providing the best analysis and recommendations.

How we can help

Our SMSF-related services include:

  • SMSF set-up
  • Compliance and Administration, including annual financial statements, operating statement and statement of financial position
  • Managing communications and correspondence with the Australian Taxation Office
  • SMSF tax advice and consulting (including limited recourse borrowing)
  • SMSF regulatory advice
  • SMSF audit by an approved independent SMSF auditor.

Businesses should also be aware that there are important differences between auditing an SMSF, and the preparation of accounts and lodgment of tax return, and that accurate record keeping is crucial. Our senior staff can help to ensure quality records of meetings are maintained, and that all ASIC/ASX lodgment and notification requirements are met.

Call us today to discuss your SMSF needs.

The Michael Lee and Associates SMSF Audit

We understand that flexibility key for modern business owners, so, when Michael Lee and Associates SMSF professionals undertake an SMSF audit, we ensure that it is specifically-tailored to your business, in the context your field When determining the scale of the SMSF audit for your business, we take many factors into consideration, including:

  • General complexity of the fund
  • Number of fund members
  • Complexity of trust deed and needs of fund members
  • Number of investments
  • Number of financial transactions
  • Borrowing in SMSF
  • Phase of the fund (i.e. accumulation or pension phase)

Whether you are looking to set up an SMSF, you have an existing one, or you’re looking to buy property or shares in the context of an SMSF, we have the expertise to optimise the opportunities open to your business. Give us a call or send us an email — we look forward to answering your SMSF questions. Don’t forget that we guarantee a free initial consultation. Make sure you take advantage of that!

Director of Michael Lee and Associates, Jasmin Topcagic is Accountant and Registered Tax Agent within excess of 15 years in public practice specialising in superannuation. Jasmin is the principal contact in regard to all matters SMSF.