SMSF Accountant Kellyville: Setup, Compliance and Annual Returns Explained
18 May 2025 · 9 min read · Count Right Tax & Accounting
Running your own SMSF puts you in control of your retirement savings — but it also makes you personally responsible for getting the setup, compliance and annual return right. Here's what our SMSF accountants in Kellyville actually help clients with, from establishment through to lodgment.
What Is an SMSF and Is It Right for You?
A self-managed super fund (SMSF) is a private superannuation fund you run yourself, with up to six members, instead of leaving your retirement savings with a large industry or retail fund.
SMSFs tend to suit people who have a larger super balance — generally $200,000 or more — or who want direct control over their investment choices, whether that's direct shares, term deposits, or commercial property used by their own business.
They are not right for everyone. Running one comes with real time, cost and compliance obligations, so the first conversation we have with a prospective trustee is always about whether an SMSF genuinely suits their balance, goals and appetite for administration.
SMSF Setup: What's Involved?
Establishing an SMSF correctly the first time avoids costly corrections later. The core steps are:
- Choosing your trustee structure — individual trustees or a corporate trustee
- Preparing the trust deed that governs how the fund operates
- Registering the fund and obtaining an ABN and TFN
- Opening a dedicated SMSF bank account
- Rolling over existing super balances into the new fund
- Documenting the fund's investment strategy
We generally recommend a corporate trustee structure. It costs a little more to set up, but it separates the fund's assets more cleanly from members' personal assets and makes adding or removing members later far simpler.
Ongoing SMSF Obligations You Need to Know
Once established, an SMSF has a strict annual compliance cycle that doesn't let up. Every year your fund must:
- Lodge its SMSF annual return with the ATO
- Undergo an independent audit by an approved SMSF auditor
- Value fund assets at market value
- Confirm investments remain aligned with the documented investment strategy
- Pay any minimum pension amounts required for members in pension phase
Important: Missing these obligations can result in penalties — from administrative fines through to the fund losing its complying status.
SMSF Tax Return: What Does It Cover?
The SMSF annual return is more than a tax return — it combines income tax reporting, member contribution reporting, pension payment reporting and a regulatory compliance declaration in one lodgment.
The tax rate for a complying SMSF in accumulation phase is 15%. Once a member moves into pension phase, income supporting that pension is generally tax-free within the fund.
We prepare the return from your fund's financial statements, cross-check it against the audit, and lodge it — so nothing is missed and nothing is late.
How Much Does SMSF Setup Cost in Sydney?
Costs vary depending on the trustee structure and the complexity of the fund, but as a guide:
We agree fees in writing before any work begins, so there are no surprises.
Why Choose Count Right Tax for Your SMSF?
We have handled SMSF establishment, accounting, audit coordination and lodgment for trustees across Sydney and Australia-wide for over a decade. You get plain-language explanations instead of jargon, and the same accountant staying in contact with you year after year — not a different name on every reminder email.
If you're thinking about setting up an SMSF, or you need better ongoing support for your existing fund, our Kellyville-based team is here to help.
