Your Super Accountant
A CPA Practice Specialising in Self Managed Superannuation
Scope of Engagement (including Steps and Responsibilities of the Parties)

Step 1: SMSF Setup / Transfer

You are to:
  • [For Setups] Complete the online application in accordance with the our SMSF Setup web-page.  Note that the payment made in the setup phase is credited against a first year’s SMSF Administration fee at Step 3 below
  • [For transfers] provide prior year financials and cost-base information for all current assets, 
  • provide a signed Engagement Letter confirming agreement to our Terms and Conditions, and
  • [For Premium SMSF Administration,] provide authorisations and assistance to establish (read-only) Linked Investments

We will:
  • provide items listed on our SMSF Setup web-page [SMSF Setup only]
  • advise your previous accountant of the transfer (in line with standard accounting practices, and including a request prior year financials and cost-base information) [Transfer only]
  • enter your details in our software systems, and 
  • establish a Client Portal account for your fund, with logins for each trustee/member OR, for the Premium SMSF Administration, provide a BGL Simple Fund 360 based account.
Step 2: You Operate Your SMSF

You are to:
  • operate your smsf as trustee of your SMSF - establishing bank account(s), roll over existing super funds, making contributions, and/or investing funds, 
  • meet trustee responsibilities such as those outlined in http://www.ato.gov.au/Super/Self-managed-super-funds/ including record keeping to support Step 3 below,
We will:
  • NOT have access to make transactions with your money, 
  • NOT insist that you open a specific bank account, share trading account or other financial product,
  • NOT receive commissions on your investments, and
  • NOT otherwise provide investment advice or place restrictions on the investments, and
  • [for ‘Premium’ SMSF Administration clients,] update online reporting for Linked Investments to the extent of BGL Simple Fund 360’s automation.
Step 3: Year-End Compliance Administration

You are to:
  • Provide a signed copy of our Year-end check-list once all information has been uploaded to our Client Portal and you want us to commence end-of-year SMSF Administration. This helps avoid un-necessary re-work and costs. You are responsible for the reliability, accuracy and completeness of the information and for disclosing all material and relevant information to us.
  • Confirm approval of the end of year reports we provide by uploading signed copies to Portal (and paying our invoice) prior to submission for the end-of-year audit. 
  • Provide any/all information reasonably required by the auditor that we do not already have.
  • After successful completion of your audit, pay the auditors invoice and return signed tax returns for lodgement.
We will:
  • Revalue listed SMSF assets to reflect market prices at year end,
  • Prepare & provide Investment Reports,
  • Prepare & provide Member Reports for each member,
  • Prepare & provide Financial Reports,
  • Arrange for the mandatory annual audit to be performed by an independent auditor,
  • Prepare and lodge an annual income tax return for your SMSF,
  • Cover any associated dealings with the Australian Taxation Office (ATO),
  • Calculate your SMSF’s tax liability / refund, and
  • Provide a credit against your first year’s SMSF Administration fee in accordance terms of a SMSF Setup offer, if applicable.
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General Advice Warning - The information and any advice provided on this website has been prepared without taking into account your objectives, financial situation or needs.  Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. You should also obtain a copy of and consdier the Product Discclosure Statement for any SMSF or other financial product mentioned before maning any decision.

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