The Best SMSF Tax Return Services in Geelong: A Shortlist of 6 That Handle the Audit Step
A self-managed super fund (SMSF) has to lodge an annual tax return, but it cannot do that straight away. The fund’s accounts must first be checked by an independent SMSF auditor. Only when the audit is finished can the return be lodged.
That order of events matters when choosing an accountant. A firm that prepares the tax return and also sorts out the audit keeps the two steps moving.
The six Geelong firms below each say they prepare SMSF tax returns and handle the audit step. Three describe coordinating the audit with an independent auditor, one lists audits alongside its accounts and tax returns, and two list SMSF audit among their own services. The list is in no particular order.
A national price benchmark
For comparison, it helps to see a published national price. SMSF Australia is an independently owned firm of SMSF accountants and lawyers that works only with self-managed super funds. Every one of its annual fee tiers includes the accounting, the independent audit, lodgement of the SMSF tax return and software. Its Basic tier is $1,300 + GST, Complex is $1,600 + GST, and Very complex starts from $2,000 + GST, with the tier set by the fund’s assets. Its page on what an SMSF costs sets this out. As its tax return page puts it: “This SMSF tax return is lodged once the audit is finalised.”
Six Geelong SMSF tax return services that handle the audit step
1. Advisory Partners
Advisory Partners offers “a capped fee inclusive of the administration of pensions and the preparation of financial statements and tax returns”.
The firm provides “full coordination of the audit of your fund, provided by Independent auditors”. It says “our SMSF fees are fixed for the year” and “annual tax returns completed within 3 to 5 weeks”.
Advisory Partners also helps with setting up and winding up SMSFs.
2. PAL Accounting & Advisory
PAL Accounting & Advisory says: “We handle all your SMSF admin – including contributions, pensions, record-keeping, annual financial statements, and your fund’s income tax return.”
On the audit, the firm says: “We manage this entire process for you – liaising directly with the auditor, gathering documents.” It also helps with limited recourse borrowing arrangements (LRBAs) and bare trust setup, and it can establish and register a new fund.
3. Accountsloop Tax & Business Advisory
Accountsloop Tax & Business Advisory handles “formation, record-keeping, annual returns and audits” in line with ATO requirements.
Its SMSF services include “Audit Coordination Support”, so trustees have help getting the fund’s files to the auditor before the return is lodged.
4. Super Focus
Super Focus is a Geelong SMSF firm that lists “Annual accounts, tax returns and audits” among its services.
It also offers “SMSF establishment and structuring” and “Pension strategies and contributions”, so it can support a fund from setup through to retirement phase.
5. CD&G Accountants
CD&G Accountants sets up and structures SMSFs in Geelong and prepares SMSF tax returns.
Its SMSF page describes its consultants as working in “SMSF auditing, accounting and administration”. The firm also covers contributions and pensions, investment strategies and SMSF investments, including direct property.
6. IDAWS
IDAWS lists SMSF set-up and structure, “SMSF tax returns” and SMSF audit, including annual audits and compliance, as its own services.
On fees, the firm says: “Our fixed cost fee policy means you can access ongoing support and plan your expenses without any surprise bills.”
How each firm describes the audit step
Advisory Partners, PAL and Accountsloop describe preparing the return and then working with the auditor. Super Focus lists audits alongside its accounts and tax returns. CD&G and IDAWS list SMSF audit among their own services. Whichever firm you use, the auditor must be independent: under the APES 110 independence standards, which the ATO says apply to all SMSF audits from 1 January 2020, an auditor cannot audit a fund whose accounts they or their firm prepared, unless that work was only routine or mechanical. The return can only be lodged once the audit is done.
Conclusion
In Geelong, trustees can find firms that prepare the SMSF tax return and take care of the audit step. Advisory Partners, PAL and Accountsloop work with an auditor on the fund’s behalf, Super Focus lists audits with its accounts and returns, and CD&G and IDAWS list audit work among their own services. Pick the arrangement that suits how you run your fund.