SMSF ACCOUNTING SERVICES

While other SMSF specialists set and forget, we work diligently to ensure your fund is benefiting from the ever-changing rules. But this is only one of the many factors that set us apart.

We are independent

We act in your best interest. We are not associated with any financial institution or dealer group. Honest and forthright, Bristax has received 130+ Google reviews attesting to our stellar reputation.

We don’t advice or receive commissions

You’ll never have to worry that we’re recommending a particular investment for our benefit rather than yours.

Our fees are fixed, fair and easy to understand

Some companies initially offer an attractive looking administration rate in order to get you interested, only to add extra fees and charges if you make more than a set number of transactions, or any number of other small print items. We tell you up front the total fees to expect.

We love answering your questions

From time to time you’ll probably have questions about the running of your fund and how the rules apply to various transactions you may want to undertake. We encourage you to ask as many questions as you need to because it helps to make sure that your fund remains compliant and that you get the most benefit from the opportunities that may be available to you. There are no additional fees associated with this service.

We don't insist and specify

We don’t insist that you use any particular bank account or share trading broker, and we don’t specify the types of investments the fund can have in order to take advantage of our fixed-fee pricing.

Our accountants are SMSF specialists

Our specialisation and qualifications in SMSFs give you the security of knowing that we are experts in our field and have the proper infrastructure, systems and procedures to ensure a high quality of service that offers you value for money.

We have qualifications and experience

Because there are many rules and regulations associated with Self-Managed Superannuation funds, it’s in your best interest to make sure the SMSF Accountants you choose to set up and run your fund have the right qualifications and experience.

We are a CPA Practice

Being a Certified Practicing Accountants (CPA) Practice means we have achieved one of the highest levels of accounting qualification available in Australia. We are also Registered Tax Agents with the Australian Taxation Office. As well as completing advanced training to attain these qualifications, we must also adhere to an ongoing high level of professional, educational and ethical standards in order to maintain them.

We service Australia wide

By using technology and giving clients access to our secure client portal, we service all regions of Australia seamlessly from our Brisbane office. It is our qualifications and experience in SMSFs that give you the security of knowing that we have the proper infrastructure, systems and procedures to ensure a high quality of service. Compliance and administration, with a reasonable fee percentage that offers you top value for money.

GENERAL SMSF ACCOUNTING SERVICES

We provide detailed advice and assistance with the setup, administration, and audit of self-managed super funds. In addition to general areas of superannuation and estate planning, such as account-based pensions, taxation, and in-house asset rules, we provide expert SMSF advice and services.

Binding death benefit nominations

SMSF audits and trust deed reviews

Corporate super fund administration

Formulation of SMSF risk management policy and practices

Investment restrictions for super funds

Corporate fund administration and advice

Taxation provisions applying to superannuation contributions, pensions and SMSF income

Superannuation Industry Supervision Act 1993 and related legislation

Taxation of SMSFs approved deposit funds and pooled superannuation trusts

Structuring a person’s estate plan to optimise generational wealth transfers

SMSF SET UP

Australians who are considering an SMSF for the first time want to know if they can combine funds, what are the fees-to-fund ratio of the SMSF administration, and how they can create more from Super towards a richer retirement, and many more. We’ll happily answer any questions you may have.

By working with BrisTax, know that everything is taken care of for you, from ordering your super fund deed and establishing documents through to investing. Also upon request, you can receive advice on either investing using the fund or borrowing within a trustee structure that is in line with all the regulations.

BRISTAX SMSF SET UP PROCESS

If you’re wondering about the steps that BrisTax is taking to set up your Self-Managed Super, then these tabs will help you.

Order Super Fund Deed and establishment documents

Bristax will order the super fund trust deed and preliminary establishment documents for the fund. The set-up process takes 24 – 48 hours.

Once these documents are received they need to be signed by the trustees, witnessed and dated where indicated.

The cost of establishment of the super fund is $550 AUD (including GST) for individual trustees.

If a corporate trustee is required an additional outlay of $990 AUD is required for a new company.

The preliminary costs can be reimbursed by the super fund once the super fund has cash available from rollovers and contributions.

Apply for Tax File Number, Australian Business Number and Registration with the ATO as a complying fund

The super fund needs to register for a tax file number (TFN), Australian Business Number (ABN) and also Register as a complying fund with the Australian Taxation Office.

Bristax will attend to this as part of the super fund establishment fee. It can take up to 28 days for the ATO to issue the TFN and ABN.

Set up a bank account for the super fund

Once the deed has been executed a copy will be provided for you to take to the bank of your choice to set up a super fund bank account.

The bank account should be in the names of the trustees as trustees for the super fund. For example John Smith & Jane Smith as trustees for the Smith Family Superannuation Fund.

Set up Life Insurance / TPD/ Salary Continuance Policies in the new Super Fund name, if applicable

You should be aware that once we request the rollover of your existing superannuation policies any life insurance, TPD and salary continuance policies held through the existing fund will be cancelled. Therefore should you wish to continue to hold these insurance policies it is important that these be set up in the new super fund prior to requesting whole of balance superannuation rollovers.

We can assist by providing you with a referral to an independent financial planner who may assist you to select and set up appropriate insurance policies from the outset.

Advise Contributing Employers of the details of your new Super Fund

You should notify all contributing employers of your new superannuation fund details so that they can commence paying your superannuation guarantee and any other super contributions into your new super fund.

This can be done by completing a super choice form. Please contact us should you require any assistance.

Rollover existing Superannuation Accounts

Bristax will provide you with the forms and instructions to organise the rollover of your existing superannuation accounts. You will need to provide some supporting documentation to the rollover fund such as a certified copy of your driver’s license or passport.

Rollovers can take up to 4 -6 weeks to be processed by the rollover fund.

You should also note that rollovers are unable to be requested until the ABN for your self managed super fund has been received from the ATO.

Rollovers are generally issued in the form of a cheque which needs to be banked in to your super fund bank account.

Formulate an Investment Strategy

You need to prepare a written investment strategy for your fund and review it regularly.

We provide you with a template to assist you in this task. The strategy needs to reflect the purpose and circumstances of your fund and should set out your investment objectives and detail the investment methods you’ll adopt to achieve these objectives.

Please contact us should you require any assistance in formulating your investment strategy.

Start Investing

Once your rollover cheques have been deposited into the super fund bank account it is time to start investing the money.

One of the benefits of having your own self managed super fund is flexibility and control around the type of investments your super fund may purchase. For further information on the types of investments your super fund may purchase please refer to the ATO guide ‘Running a self-managed super fund’ or contact our office for further details.

SMSF REVIEW

If you have an existing SMSF, perhaps you would like the benefit of a fresh approach and better communication. When you’re ready to make the change, Bristax makes the process of transferring your existing fund a smooth one. These are some of the issues we cover in a review of your existing SMSF.

Pension strategies and minutes

Administration and mailing house functions

Binding death benefit nominations

Update of your Trust Deed in compliance with current legislation

Compliance documents for ongoing maintenance of the SMSF Trustees’ responsibilities

Investment guidelines and detailed investment strategy

SMSF ACCOUNTING ADMINISTRATION

We simplify the complex. Superannuation and taxation laws are complex and constantly changing, so it is critical for the administration of your SMSF to be carried out by super fund specialists like BrisTax.

We are able to provide you with up-to-the-minute expert advice, consistent professional support, and more. Contact us today for an obligation-free consultation.

Regular reconciliations of transactions during the course of the year

Preparation of PAYG payment summaries for pensions, as applicable

Segregation of assets for members and maintaining reserve accounts, if applicable

Scanning all documents into our electronic document management system for your records and audit purposes

Arranging tax payments and other associated fund invoices Segregation of assets for members

Maintaining multiple-member-accounts for the same member whether accumulation or pension, including defined benefit pensions

Maintaining an investment register for listed securities, fixed interest, managed funds, direct property, and unlisted assets

Maintaining individual member records including details of contributions, allocation of earnings and benefit payments, member components and preservation components

Collection and facilitation of dividend payments and monitoring of cash balance to ensure sufficient cash to meet SMSF obligations

WHAT CLIENTS ARE SAYING

James FreemanJames Freeman
23:22 06 Dec 21
Stephen was brilliant and was so quick with responses and made the process so efficient. 100% would recommend bristax and Stephen in particular.
Michael CroftMichael Croft
00:53 14 Oct 21
After some terrible experiences historically with other accountants I found BrisTax to go above and beyond. My return was managed by John Ellis who achieved a result far outweighing my expectation at a very reasonable cost with consideration granted to the return. I would recommend BrisTax and specifically John to anyone chasing an outstanding account.
Josie KentJosie Kent
23:51 11 Oct 21
Highly recommend Bristax, especially John!
Mark FontanaMark Fontana
01:33 16 Jul 21
Highly recommend Bristax. John was fantastic helping me with my return.Do yourself a favour and use Bristax, you won't be disappointed.
Caleb EastCaleb East
09:44 12 Jul 21
Stevie has been super helpful! A wealth of knowledge and a lovely person. Highly recommend!
I had a time sensitive issue with my old SMSF Tax Accountant that they wouldn't fix. So I organised a phone consultation with Stephen who was super helpful and resolved my issue within the restricted time period.Now BrisTax have a new client for life.Thanks again Stephen!
M TM T
05:50 03 Jul 20
Stevie was amazing ; and made the tax process easy!She has so much knowledge and was professional and helpful!
Jacob GrayJacob Gray
08:03 11 Mar 20
Professional service. Honesty. And I got $1000 more than I was quoted through the ATO website self service portal. Winning.
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