Accounting fees for SMSF

Discussion in 'Accounting & Tax' started by thesuperman, 7th Nov, 2019.

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  1. thesuperman

    thesuperman Well-Known Member

    26th Jun, 2015
    What's a rough estimate you would expect to pay for a tax return including financials for a SMSF which does about 250 share trades in total and two bank accounts. Nothing else besides cash in the bank and those share trades.
  2. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    18th Jun, 2015
    There is far more to the annual compliance than a tax return. Its really the end point. Typically the service may include preparation of financial reports, member reports and associated reporting and also the income tax return. General purpose accounting software is not adequate anas SMSF reporting has financial, tax and estate planning implications. The financials and compliance issues must be audited prior to lodgement. Client education and other advice or support may also add to costs. eg Does the fund have compliance with an investment strategy, trustee notices and other issues ? Does it pay pension or is it in accumulation phase?

    SMSFs vary in size, complexity and how the accounting records are maintained as well as issues like numbers of transactions and other issues.

    If the share trades were data linked to the broker and registry using modern software then I would envisage a total cost incl of audit at $2000 or less. That value could be lower....Its an estimate.