Running a self managed super fund gives you control over your retirement savings, but it also makes you responsible for the fund’s accounts, tax return, audit and reporting every single year. Kennedy Tax & Business Services is a CPA practice and registered tax agent providing SMSF accounting services in Melbourne, with offices in Footscray and Williams Landing. We look after the compliance so trustees can focus on the investments.
What our SMSF accountants do
- Annual financial statements: statement of financial position, operating statement, member statements and investment summaries prepared to the standard the auditor and ATO expect
- SMSF annual return: preparation and lodgement of the fund’s income tax return, regulatory information and member contribution reporting in one lodgement, with the supervisory levy calculated correctly
- Independent audit arranged: we coordinate the fund’s approved SMSF auditor each year and respond to audit queries on your behalf
- Pension accounts: commencing account based pensions, calculating minimum pension payments, and keeping accumulation and pension accounts separate
- Transfer balance account reporting (TBAR): all SMSFs now report pension events to the ATO quarterly, within 28 days of the end of the quarter. We prepare and lodge these so nothing is missed
- Contribution monitoring: tracking concessional and non-concessional contributions against the caps and advising when the fund is close to a limit
- Actuarial certificates: arranged where the fund has both pension and accumulation balances and claims exempt current pension income
- GST and BAS: for funds that hold commercial property or are otherwise registered for GST
- ATO correspondence: managing notices, lodgement deferrals and queries as the fund’s registered tax agent
Setting up a new SMSF
If you are thinking about starting a fund, we can take you through the whole process: choosing between individual and corporate trustees, arranging the trust deed and trustee company, registering the fund for an ABN and TFN and electing to be regulated, setting up the fund’s bank account and electronic service address, and helping trustees document an investment strategy that meets the super rules. We also explain the ongoing cost and workload honestly, because an SMSF is not the right structure for everyone.
Key SMSF deadlines
| Obligation | When |
|---|---|
| SMSF annual return (lodged by Kennedy Tax as your tax agent) | Usually 15 May of the following year; newly registered funds and funds with a late prior return are due 31 October |
| SMSF annual return (self lodged) | 28 February, or 31 October for new funds and funds with a late prior return |
| Appoint the approved auditor | At least 45 days before the annual return is due |
| Supervisory levy | $259 a year, paid with the annual return ($518 in a fund’s first year) |
| TBAR (pension events) | Quarterly, within 28 days of the end of each quarter |
| Minimum pension payment | Must be paid in cash by 30 June each year |
Missing the minimum pension or lodging the annual return late can cost the fund its tax concessions for the year, so these dates matter more than most trustees realise.
Accounting and audit: why they must be separate
Kennedy Tax is also a registered SMSF auditor. Under the auditor independence rules, a firm cannot audit a fund whose accounts and annual return it prepared. In practice this means that if we do your fund’s accounting, we arrange an independent approved auditor for the audit, and if we audit your fund, your accounting stays with your existing accountant. Either way you deal with people who understand both sides of the process, which makes the audit quicker and the queries fewer.
Why trustees in Melbourne’s west choose Kennedy Tax
- CPA practice and registered tax agent, with SMSF audit experience in house
- Offices in Footscray and Williams Landing, with appointments in person, by phone or online
- Fees quoted up front once we have seen the fund’s investments
- The same accountant handles your personal and business tax, so super decisions are made with the full picture
- Plain English explanations of what the fund can and cannot do
What to bring to your first appointment
- The fund’s trust deed and any amendments
- Last year’s financial statements, annual return and audit report
- Bank statements for the fund’s accounts for the full financial year
- Broker, managed fund, term deposit and property statements
- Details of contributions received and pensions or lump sums paid
- Property valuations, leases and insurance policies held by the fund
Frequently asked questions
Do I need an accountant for my SMSF?
There is no legal requirement, but the fund must produce financial statements, an annual return and an audit every year, and the trustees are personally responsible for getting them right. Most trustees use an accountant for the same reason most businesses do.
Can Kennedy Tax do both the accounts and the audit?
No. The independence rules do not allow the same firm to prepare the accounts and audit them. We provide one or the other and arrange a separate approved auditor or accountant for the other side.
How much does SMSF accounting cost?
It depends on the number of members, the investments held and how tidy the records are. A fund with a few listed shares and a term deposit costs much less to account for than one with property, a limited recourse borrowing arrangement and pensions. We quote the fee up front after reviewing the fund.
Can I move my SMSF to Kennedy Tax from another accountant?
Yes. We request the prior year’s working papers and records from your previous accountant, update the ATO to show us as the fund’s tax agent, and take over from the next financial year, or mid year if the fund is behind.
Talk to an SMSF accountant
Call 03 9939 6480, email help@kennedytax.com.au or book an appointment at our Footscray or Williams Landing office. For a plain English overview of the annual return itself, read our guide to the SMSF tax return.
SMSF guides
- How to set up an SMSF: steps, costs and rules
- Super contribution caps 2026-27
- SMSF minimum pension payments
- SMSF tax return: due dates, levy and audit
- SMSF property investment after the 2026 borrowing changes
- SMSF audit checklist
- How to wind up an SMSF
This page is general information only and does not take into account your personal circumstances. Speak to a registered tax agent or licensed financial adviser before setting up or changing a superannuation fund.
