SMSFs are the fastest-growing segment of the superannuation sector with well over 30,000 being created each year, and with the total number now having reached over 500,000. Further, SMSFs boast over $500 billion in total assets.

Whether the phenomenal  growth of SMSF’s is driven by increasing financial literacy or the desire for freedom and control of super resources, the fact remains that service demands of SMSF professionals will continue to grow. As specialist SMSF administrators and Auditors and members of SMSF Professional’s Association of Australia (SPAA), Maynard Accounting are well placed to absorb that demand. We are also well place to assist trustees with their day to day running of an SMSF.

We believe that many new SMSF trustees/members will require assistance to meet ongoing compliance with associated laws and regulations. For example:

• is there an investment strategy in place? Is the investment strategy reviewed regularly and does that review consider members’ risk insurance;
• are assets valued annually;
• are financial accounts and income tax returns up-to-date;
• if a transition to retirement (TTR) pension is in place, is all the documentation in order;
• is there a reserve strategy in operation that meets regulatory requirements;
• SMSF trustees travelling overseas may run into residency issues;
• If there is a loan in place, does it comply with the Limited Recourse Borrowing arrangements (LRBA)

As a SMSF professional accounting practice, we offer compliance requirements and help trustees’/members keep on top of the common issues.