Take control of your retirement with a Self-Managed Super Fund

A Self-Managed Superannuation Fund (SMSF) is Australia's most powerful and flexible retirement savings vehicle — but it comes with serious legal, compliance, and investment obligations. As trustee, you are personally responsible for ensuring the fund complies with the Superannuation Industry (Supervision) Act 1993 (SIS Act) and ATO requirements.

At Elite Accounting Solutions, we provide specialist SMSF accounting and advisory services to Melbourne trustees — from initial setup through to retirement pension phase and eventual wind-up. Whether you're considering establishing an SMSF for the first time, managing an existing fund, or growing your retirement portfolio through property, we're with you at every stage.

Our SMSF Services

SMSF Setup & Establishment

Trust deed preparation, ATO registration, TFN and ABN applications, trustee declarations, and initial investment strategy documentation.

Annual Accounts & Tax Return

Preparation of fund financial statements, member statements, and the SMSF annual return lodgement with the ATO.

Independent Audit Coordination

We coordinate with an independent, ATO-registered SMSF auditor to complete your annual audit and lodge the Auditor Contravention Report if required.

Investment Strategy

Preparation and review of your investment strategy document — covering asset allocation, liquidity, insurance within the fund, and member risk profiles.

SMSF Property & LRBA

End-to-end guidance on purchasing property inside an SMSF via a Limited Recourse Borrowing Arrangement (LRBA), bare trust, and custodian trustee structure.

Pension Commencement

Account-based pension setup, pension documentation, minimum pension calculation, and transfer balance account reporting (TBAR) obligations.

Contribution Strategies

Concessional and non-concessional contribution planning, bring-forward rule, catch-up contributions, downsizer contributions, and spouse contributions.

Rollovers & Consolidations

Moving existing super balances from APRA funds into your SMSF, or rolling back out when needed — handled smoothly and compliantly.

ATO Compliance & Rectification

If your fund has breached the rules, we help you prepare a rectification plan and voluntary disclosure to the ATO to minimise penalties.

SMSF Wind-Up

When it is time to wind up the fund, we manage the final accounts, tax return, audit, ATO de-registration, and rollover of member benefits.

Individual Trustees vs Corporate Trustee — Which Is Right for You?

One of the first decisions when establishing an SMSF is whether to use individual trustees or a corporate trustee (a company). Each has distinct advantages:

Individual Trustees

No ASIC registration cost
Simpler to set up initially
Assets must be retitled on trustee changes
Higher ATO penalty exposure (per trustee)
Single-member fund requires a second trustee

Corporate Trustee (Recommended)

Assets remain in company name — no retitling
Lower penalty exposure (one entity)
Easier to add/remove members
Single-member fund allowed with sole director
Annual ASIC fee applies (~$59/year)

We recommend a corporate trustee for most new SMSFs. The additional cost is minimal and the long-term flexibility is worth it.

Buying Property Inside Your SMSF

Property is one of the most popular SMSF investments, but the rules are strict. Here's what you can and can't do:

Allowed

Commercial property leased to your own business at market rent
Residential investment property (not to related parties)
Industrial property, retail premises
Borrowing to purchase property via LRBA
Purchasing from unrelated third parties

Not Allowed

Living in or holidaying in a residential property held by the SMSF
Renting residential property to a related party (family members)
Purchasing a property from a related party (with very limited exceptions)
Using the property as security for a personal loan outside the SMSF

LRBA Structure — How SMSF Borrowing Works

Under a Limited Recourse Borrowing Arrangement (LRBA), the SMSF borrows from a lender and uses the funds to purchase a single acquirable asset, held in a separate bare trust by a custodian trustee. The SMSF makes loan repayments from fund contributions and earnings. On full repayment, the property is transferred to the SMSF. Importantly, the lender's recourse is limited to the property itself — other SMSF assets are protected.

Tax Inside Your SMSF — Accumulation vs Pension Phase

Accumulation Phase

15% tax on concessional contributions
15% tax on fund earnings (interest, rent, dividends)
10% CGT on assets held >12 months (effective 10% after one-third discount)
0% tax on non-concessional contributions

Retirement/Pension Phase

0% tax on earnings in pension phase (up to $1.9M transfer balance cap)
0% CGT on assets in pension phase
0% tax on withdrawals for members aged 60+
Minimum annual pension withdrawal required by law

Note: From 2025–26, earnings on balances above $3 million will be taxed at 30% (Division 296 tax — subject to legislation).

Contribution Rules & Caps (2025–26)

$30,000/year

Concessional (before-tax) cap

Employer contributions, salary sacrifice, and personal deductible contributions. Unused cap amounts can be carried forward up to 5 years if total balance is below $500,000.

$120,000/year

Non-concessional (after-tax) cap

Personal contributions not claimed as a tax deduction. Bring-forward rule allows up to $360,000 over 3 years (if total super balance below $1.66M). Nil cap applies if TSB ≥ $1.9M.

Up to $300,000

Downsizer contributions

If you sell your principal home and are aged 55+, you can contribute up to $300,000 per person (or $600,000 per couple) — with no total super balance restriction.

Up to $540 offset

Spouse contribution tax offset

Contributing to a spouse's super (earning under $40,000) attracts an 18% tax offset on up to $3,000 contributed.

Up to $500

Government co-contribution

If your income is below $58,445 and you make a non-concessional contribution, the government contributes up to $500 matching contribution at 50 cents per dollar.

Common SMSF Compliance Issues to Avoid

In-House Asset Rule

No more than 5% of your SMSF assets can be invested in related-party assets (loans to members, shares in related companies). Breaching this triggers mandatory rectification.

Sole Purpose Test

All SMSF investments must be made solely for the purpose of providing retirement benefits to members. Using SMSF assets for personal benefit (even temporarily) is a serious breach.

Investment Strategy Not Reviewed

The ATO requires trustees to regularly review and document the fund's investment strategy. A generic, out-of-date strategy is one of the most common audit findings.

Late Lodgement

SMSF annual returns must be lodged by 31 October each year (or 15 May if using a tax agent). Late lodgement attracts ATO compliance action and failure to lodge (FTL) penalties.

Borrowing Outside of LRBA Rules

SMSFs can only borrow to purchase a single acquirable asset via a correctly structured LRBA. Borrowing for cash flow or for non-asset purposes is prohibited.

Pension Minimum Not Paid

If you have commenced an account-based pension and fail to draw the minimum annual payment by 30 June, the pension loses its tax-exempt status for that year.

Is an SMSF Right for You?

An SMSF is not the right choice for everyone. We always provide frank, independent advice. Generally, an SMSF starts to make financial sense when:

Balance over $200k–$250k

Below this level, the fixed annual compliance costs typically outweigh the benefits compared to retail/industry super funds.

You want investment control

SMSF trustees control their own asset allocation — direct shares, property, term deposits, unlisted assets, and more.

You own business premises

If you own commercial property and want to hold it in super, an SMSF is the only structure that allows this.

SMSF Frequently Asked Questions

Ready to take control of your retirement?

Book a free, no-obligation SMSF consultation with our specialist team. We'll assess whether an SMSF is right for your situation, walk through the setup process, and explain all the costs and compliance obligations involved.

Book Free SMSF Consultation 0403 777 738

Superannuation & SMSF