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What is a SMSF? | Tax Accountants

Business Advisory Accountants Brisbane

Understanding Self-Managed Super Funds

An SMSF is a private retirement fund that you control, giving you more power over your retirement savings and investment returns. The Australian Taxation Office (ATO) governs SMSFs in Australia, and they are a means to prepare for retirement.

The Benefits of an SMSF

With a self-managed superannuation fund, you’re in the driver’s seat, making investment decisions that align with your specific financial goals. They offer:


Customisation is the process of tailoring investment strategies to meet specific needs and preferences. It means making a customised investment plan based on personal goals, risk tolerance, time frame, and other factors.

Customisation of an investment portfolio includes deciding the best combination of stocks, bonds, and cash for asset allocation. The financial planners generally base this allocation on factors such as the investor’s risk tolerance, investment objectives, and market conditions. By customising asset allocation, investors can create a portfolio that aligns with their specific targets and risk appetite.


More investment options give people a range of investment options for where to put their money. Investors have the freedom to select various investment options that align with their financial targets and investment risk tolerance. This allows them to go beyond the limitations of solely investing in stocks or bonds.

People can spread their risk by investing in different things and having more options for where to put their money. Investors have different choices for investing their money. These choices include stocks, bonds, mutual funds, ETFs, real estate, commodities, cryptocurrencies, and peer-to-peer lending platforms. Different investments allow investors to customise their portfolios based on their needs and preferences for their super contribution.

Tax Efficiency

Tax efficiency refers to the ability of individuals or businesses to benefit from concessional tax rates. The government offers concessional tax rates to encourage certain behaviours or activities, which are lower tax rates. These lower tax rates can apply to various aspects such as income, investments, or specific industries.

One of the main benefits of tax efficiency is the potential to reduce the overall tax burden. People or businesses can legally pay less taxes by using concessional tax rates. This can result in great savings and increased disposable income or profits.


Consolidation refers to the process of pooling family resources into one fund. Various reasons exist for doing this. These reasons include making money easier to manage, getting the most out of investments, and reaching financial goals.

Families merge their money and investments into one account or portfolio to simplify their finances. This helps families manage their money better because everyone can see how much they have together.

Compliance and Responsibilities

Managing an SMSF means complying with the Superannuation Industry (Supervision) Act 1993 (SIS Act) and Superannuation Industry (Supervision) Regulations 1994. As a trustee, you must:

  • Carry out the role responsibly.
  • Adhere to the investment strategy.
  • Follow tax and super laws.
  • Report annually to the ATO.

How IJ&EA Can Help

At IJ&EA Tax Accounting, we specialise in helping you navigate the complexities of SMSFs. Our services include:

  • Compliance: Ensuring your fund complies with current super and tax laws.
  • Financial statements preparation
  • Tax return preparation and lodgement
  • Record Keeping: Handling the day-to-day tasks of running your SMSF.
  • Assist Audit: Act as a liaison with the auditor to streamline the audit process.

Partner with Experts

When you work with IJ&EA Tax Accounting, you will have a team of experts. This team specialises in handling Self-Managed Superannuation Funds (SMSFs). We know how important your SMSF is for your financial future.

Our team of experienced tax accountants deeply understands the complex regulations and requirements surrounding SMSFs. We stay updated on new laws and industry standards. This ensures that your SMSF complies with the rules and maximises your returns.

We can help with SMSF management and provide other services to support your financial well-being. Our team can assist you with tax advice, tax planning and preparation.
At IJ&EA Tax Accounting, we pride ourselves on providing personalised and attentive service to each of our clients. We know everyone’s finances are different, so we listen to your needs and goals. Our team is here to help with your questions, guidance, and ongoing support.

Partner with IJ&EA Tax Accounting now to establish a strong financial base for your future. With our expertise and dedication, you can ensure that your tax planning is in the best possible hands.


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