SMSF Accountants.

Superannuation contributions have strict caps: concessional contributions limited to $30,000 annually, non-concessional contributions to $120,000 (or $360,000 using bring-forward rules), restrictions when your total super balance exceeds $1.9 million, and Division 293 tax when income exceeds thresholds. Exceed caps and you face excess contribution tax, lose tax concessions, or can’t make certain contributions at all.

Walker Hill tracks your contributions throughout the year so you know where you stand before you exceed limits. We monitor your super balance against thresholds that affect eligibility, advise on timing contributions to maximise caps, help you understand bring-forward rules if you’re making large non-concessional contributions, and coordinate contribution strategies with your overall tax planning.

Account-based pensions must meet minimum payment requirements annually. Pay too little and you lose the tax exemption on pension earnings, potentially costing thousands. The minimum percentage increases with age, calculations must use the correct balance at the right date, payments must be made before June 30, and everything needs proper documentation.

Walker Hill calculates your minimum pension at the start of each financial year, tracks payments throughout the year to ensure you’re on track, advises if you’re approaching year-end without meeting minimums, and ensures pension payments are properly recorded and documented. We also help you understand the tax implications of pension payments and how they affect your overall retirement income.

Every SMSF needs an independent audit by an approved auditor annually. Auditors review your financial statements, check compliance with regulations, verify investment valuations, confirm transactions are properly documented, and report contraventions to the regulator if found. Unprepared funds face audit delays, additional costs when auditors spend time chasing information, and potential audit qualifications that trigger ATO attention.

Walker Hill maintains your fund’s records throughout the year so you’re always audit-ready. We prepare audit working papers, organise documentation in the format auditors expect, liaise with your auditor on your behalf, and respond to queries efficiently. Your audit proceeds smoothly without you spending weeks gathering information or dealing with auditor requests.

SMSF assets must be valued at market value annually for financial statements and to calculate member balances. Listed investments are straightforward, but property valuations require professional appraisals, unlisted shares need fair valuation methods, collectibles and personal use assets need market evidence, and business real property must reflect current market conditions. Incorrect valuations distort member balances and can trigger compliance issues.

Walker Hill ensures your assets are valued appropriately using acceptable methods. We arrange property valuations when required, apply appropriate valuation methods for unlisted assets, document valuation bases for audit purposes, and ensure member balances reflect accurate asset values. Proper valuations support fair treatment of members and satisfy audit requirements.

SMSFs can transact with related parties, but strict rules apply. You can’t lend to members or relatives, can’t acquire residential property from related parties, must ensure all transactions are at market terms, need proper documentation for everything, and must be able to demonstrate commercial rationale. Breach the rules and you risk severe penalties or non-complying status.

Walker Hill reviews any related party transactions before they occur, advises whether they’re permissible, ensures pricing is at market rates, prepares documentation that satisfies regulatory requirements, and flags arrangements that create compliance risks. We help you understand what’s allowed and what isn’t before you enter transactions that could cause problems.

SMSFs can borrow to invest in property or other assets through limited recourse borrowing arrangements, but the rules are strict. The loan must be limited recourse, the asset must be held in a separate trust, borrowing terms must be commercial, and you need proper documentation of the arrangement. Get the structure wrong and the ATO could challenge the entire arrangement.

Walker Hill coordinates LRBA establishment with legal advisors, ensures your loan documentation meets regulatory requirements, handles accounting for both the fund and the holding trust, tracks loan repayments and interest, and ensures annual reporting correctly reflects the borrowing. We also advise on whether borrowing makes sense for your circumstances given the costs and restrictions involved.

What happens to your SMSF when you die matters both for your estate and for remaining fund members. Death benefits can go to dependents tax-free but to non-dependents with tax, binding death benefit nominations control who receives benefits, reversionary pensions can continue for spouses, and funds might need winding up if all members die. Poor planning creates tax bills and delays for your beneficiaries.

Walker Hill reviews your death benefit nominations, ensures they’re valid and reflect your current wishes, advises on tax-effective ways to pass benefits to beneficiaries, coordinates SMSF planning with your will and estate plan, and ensures your fund has documented processes for dealing with member deaths. Your death benefits will go where you intend, as tax-effectively as possible.

Superannuation regulations change frequently. Contribution caps adjust, transfer balance cap increases, pension rules modify, reporting requirements expand, and compliance expectations shift. Trustees who don’t stay current risk making decisions based on outdated information, missing opportunities, or breaching rules they didn’t know had changed.

Walker Hill monitors regulatory changes on your behalf, advises how changes affect your fund, updates your documentation when regulations require, and ensures your fund adapts to new requirements before they take effect. You’ll stay compliant without personally tracking every regulatory development or reading every budget announcement and legislative change.