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SMSF accounting services for stress-free fund management
Running your own super fund gives you more control over your retirement. But let’s be real: That control often comes with a ton of responsibilities. Trustees face strict compliance requirements, including financial statements and annual audits, that can feel especially overwhelming without expert guidance.
The good news? You don’t have to do it alone. At DKM Accounting, we specialise in SMSF accounting services that keep your fund audit-ready all year round. Our accredited partners and streamlined audit coordination process mean you don’t have to worry about last-minute surprises. Instead, you get the confidence that your fund is structured, compliant, and growing in line with your goals.
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DKM Accounting is accredited with the following institutions
What Exactly are SMSF Accounting Services?
SMSF accounting goes beyond basic bookkeeping. Trustees are legally responsible for keeping accurate records, lodging annual returns, and ensuring the fund is compliant with superannuation law. Professional SMSF accounting services typically cover:
- Annual financial statements. Preparing the fund’s balance sheet, income statement, and member benefit statements in line with ATO requirements.
SMSF annual return. Lodging your fund’s tax and regulatory return, covering income, expenses, contributions, and member details.
Audit coordination. Working directly with an ASIC-approved external auditor to complete the required annual audit, with most audits finalised in two weeks.
Record-keeping and documentation. Ensuring all transactions, from property purchases to crypto trades, are properly documented and categorised.
Tax compliance. Handling contributions, pensions, capital gains, and income tax calculations so your fund pays the right amount and avoids penalties.
Fund structuring support. Assisting with trustee arrangements, trust deeds, and compliance updates when rules change.
Ongoing compliance monitoring. Keeping your SMSF audit-ready throughout the year, not just at lodgement time.
Do You Really Need SMSF Accounting Services?
Forgoing professional SMSF accounting services for DIY may sound appealing at first. After all, why not just file the forms yourself and save on fees, right?
What most people don’t realise until it’s too late though, is that SMSF rules are strict, and errors can cost you. Here’s what that means:
Hundreds of disqualifications each year. The ATO disqualified 692 trustees in 2023/24 and a further 474 trustees by May 2025. Once disqualified, you’re banned for life from being a trustee.
Thousands of dollars in fines. SMSF penalties range from $1,650 for late lodgements up to nearly $20,000 for serious breaches like illegal borrowings or loans to members.
Millions in total penalties. In a single financial year, the ATO issued more than $3.4 million in administrative penalties to SMSF trustees.
Even something as simple as misclassifying a crypto purchase or failing to separate expenses across properties can trigger issues. With ATO monitoring SMSFs closely, getting it wrong just isn’t worth the risk.
This is why choosing a specialist SMSF accountant isn’t just a matter of convenience; it’s about protecting your fund, your compliance, and your future.
Why choose dkm for smsf accounting?
- Specialist SMSF focus. We don’t treat SMSFs as a side offering; they’re central to what we do.
- Accredited experts. Our founder, David Maj is an ASIC-registered SMSF auditor and recognised among Australia’s top specialists in the field.
- Audit-ready processes. We build systems that ensure compliance every day of the year, not just at audit time.
- Fixed-fee external audit coordination. We manage independent auditors at a set cost, with most audits finalised within two weeks.
- Support for complex assets. From residential property and listed shares to crypto, art, and limited recourse borrowing arrangements (LRBAs), we handle the details.
- Blending local and digital access. Multiple offices across NSW/ACT, combined with secure cloud portals, give you convenience plus personal service.
These points make DKM Accounting different from generalist firms. They also explain why our clients rest assured that their super fund grows alongside their goals.
We are a doctor couple who sought Jimmy’s help setting up our company and SMSF, and this involved a transition in many ways beyond our imagination. We threw a messy curve ball, and Jimmy not only did all that was needed, but with lightning speed and the highest professionalism. We didn’t even realise that things can be so fast and efficient. We recommend him hands down to anyone, especially to our medical colleagues.
Byron L.
Jimmy is the most professional, helpful, and kind accountant I’ve ever met. He’s given me so much guidance and confidence on my business journey, which would have otherwise been made much more challenging. I’ve recommended Jimmy to many friends because he can do it all: from Company Tax to Personal Tax, from Self Managed Super Funds to Comprehensive Business Coaching. I’m really grateful to Jimmy and his team and am really excited to work with them in the future.
Candice T.
Karen and the team at DKM have been incredible. She always goes above and beyond to answer any questions we may have and proactively provide advice. We are incredibly fortunate to have DKM as our accountant!
Ready to Simplify SMSF Compliance?
Your SMSF should be helping you build wealth, not weighing you down with stress. If you’re ready to get clarity on your next steps, talk to a SMSF accountant at DKM today.
Because Your Finances Don’t Stop at Super
When you’re serious about building wealth and taking control of your financial future, managing an SMSF is just the start. Staying ahead means having every part of your finances working efficiently, from tax obligations to bookkeeping and business accounting. It’s not about doing more; it’s about knowing the right areas to streamline, so you can get on with it.
SMSF accounting rules and costs, explained
What the 5% rule means for your SMSF
The 5% rule is the in-house asset limit: your SMSF can’t hold more than 5% of its total assets, measured at market value, in related-party investments such as a loan to a related company or units in a related trust. The test is done at 30 June each year, and going over it triggers a mandatory fix.
Example: a related-party loan that tips over the line
The Marsh fund has $800,000 in total assets and lends $60,000 to a company connected to a member. That loan is 7.5% of the fund, above the $40,000 that 5% allows, so the fund is in breach at year-end. Being over the limit doesn’t automatically mean a penalty, but it does force action: the trustee has to prepare a written plan to bring the in-house assets back under 5% by the end of the next financial year, usually by having the loan repaid. Leave it unfixed and it becomes a reportable contravention at the next audit.
How an SMSF is taxed
An SMSF generally pays 15% tax on its assessable income, which includes concessional contributions and investment earnings, with capital gains on assets held over a year effectively taxed at 10% after the one-third discount. Two things change the real number: franking credits, which are refundable and can push the fund’s tax below zero, and retirement phase, where earnings on assets supporting a pension are exempt.
Example: what the 15% actually comes to
A one-member fund in accumulation takes in $30,000 of concessional contributions and earns $25,000, including $7,000 of fully franked dividends carrying $3,000 in franking credits. The 15% rate applies to the $55,000, so about $8,250 in tax, but the $3,000 of franking credits comes straight off it, leaving roughly $5,250 to pay. If that member later moves into pension phase, the earnings on the pension assets become exempt and those same franking credits can turn into a refund rather than an offset. The headline is 15%, but the credits and the phase are what decide the cheque.
Locations
Find DKM Accounting near you. Our locations make expert financial support easily accessible, whether in person or online.
Bella Vista, NSW 2153
Location
Hours
Contact
(02) 9788 1850
Deakin, ACT 2600
Location
2/8 Phipps Cl, Deakin ACT 2600
Hours
Mon 9:30 am – 6:30 pm
Tue 9:30 am – 6:30 pm
Wed 9:30 am – 6:30 pm
Thu 9:30 am – 6:30 pm
Fri 9:30 am – 6:30 pm
Sat Closed
Sun Closed
Contact
(02) 9788 1850