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Managing Tax & Compliance for SMSFs at The Accounting Academy

Understand the compliance obligations and processes for SMSF management at TAA. 

Introduction

Self-managed super funds (SMSFs) sit a little outside our standard tax workflow. For most entities we run the end-to-end return through Xero Tax, but SMSFs carry their own regulatory regime, their own reporting obligations, and a mandatory independent audit before anything can be lodged. To handle that properly we use a dedicated platform — SF360 (BGL's Simple Fund 360) — for the fund accounts and workpapers, then sync the fund into Xero Tax to complete the return.

This guide walks through the high-level compliance obligations, the software we use, the step-by-step process for getting an SMSF return done at TAA, and where to go for help.

1. The compliance obligations, in brief

An SMSF is regulated primarily by the ATO, and the trustees are legally responsible for meeting the fund's obligations every year. As the agent, our job is to prepare clean, audit-ready accounts and lodge accurately and on time. The key obligations to keep front of mind are:

The SMSF Annual Return (SAR). Every SMSF must lodge a SAR each financial year, even where the fund has no tax payable. The SAR is more than an income tax return — it also captures the fund's regulatory information and member contribution reporting, and it's the mechanism through which the supervisory levy is paid. Late or missing lodgements can see the fund's status on Super Fund Lookup changed to "regulation details removed," which stops it receiving rollovers and employer contributions and can cost it its tax concessions.

The annual independent audit. Before a SAR can be lodged, the fund must be audited by an approved SMSF auditor who is registered with ASIC and holds a current SMSF auditor number (SAN). The auditor must be independent of the people who prepared the accounts, and must be appointed in good time — the law requires appointment at least 45 days before the lodgement due date, though in practice you want them engaged well before that to avoid a year-end bottleneck. The audit has two parts: a financial audit of the statements, and a compliance audit against superannuation law.

Asset valuations at market value. Trustees must value all fund assets at market value each income year. Listed assets are straightforward, but property, unlisted shares and collectibles need objective, documented and supportable valuations. Weak valuation evidence is one of the most common triggers for an adverse audit finding.

An investment strategy. The fund needs a documented investment strategy that is reviewed regularly, with the trustees turning their minds to diversification, liquidity, and whether the fund should hold insurance for each member. This is not set-and-forget — the ATO expects evidence of an annual review.

Record keeping. Records must be kept and retained — generally accounting records and financial statements for at least five years, and certain records such as trustee meeting minutes, trustee declarations and changes of trustee for ten years. The ATO increasingly expects these records to be electronic, searchable and supplied promptly.

The supervisory levy and other rules. The supervisory levy is paid with the SAR. Other obligations that come up regularly include the sole purpose test, restrictions on related-party transactions and in-house assets, contribution caps, conditions of release before benefits are paid.  

Lodgement timing. For funds lodged through a tax agent the standard SAR due date is generally 15 May, but newly registered funds and any fund with overdue prior-year returns are due by 28 February. Always confirm the specific due date for each client in Online services for agents.

This is a high-level summary rather than an exhaustive checklist. Review the ATO website for a complete overview of compliance obligations: SMSF administration and reporting | Australian Taxation Office

2. The compliance software we use

SMSF compliance at TAA runs across two platforms, each doing a distinct job.

SF360 — BGL Simple Fund 360 (for accounts and workpapers) - a cloud-based SMSF administration and compliance platform. 

Xero Tax (for the return and lodgement) - the same environment you already use for every other entity. We sync the completed fund from SF360 into Xero Tax.

3. The process to submit an SMSF return at TAA

Follow these steps in order. The early steps (access, training and subscription) only need to be completed once per agent or per client, so they won't recur every year.

  1. Tell us you have an SMSF client and request SF360 access. Let the team know as soon as you take on an SMSF client and request access to SF360 (BGL). We'll get you set up in the platform.
  2. Complete the SF360 (BGL) training. Before working in the platform, complete the BGL training so you're confident with fund setup, data feeds, coding and the workpapers workflow. 
  3. Request a subscription for your client. Request an SF360 subscription for the specific client. Note that the full retail price is paid upfront for the subscription (as of June 2026, the price is $130 per fund + $45 each for the two add ons: share and bank data)
  4. Complete the accounts and workpapers in SF360. Set up the fund, reconcile and code transactions, value assets at market value, and work through the workpapers until the fund is at an audit-ready standard. This is the core of the job.
  5. Sync the fund to Xero Tax. Once the accounts and workpapers are complete, sync the fund from SF360 into Xero Tax, where the SMSF return is prepared.
  6. Send for review: How to submit a tax return for review
  7. Once approved, send to the auditor. After the return is reviewed and approved internally, send the fund to the auditor. Remember the audit must be finalised before the SAR is lodged, so don't leave this step late.

4. Support available

You're not on your own with SMSFs — there are dedicated channels for SMSF-specific questions.

The SMSF WhatsApp group. We run a dedicated SMSF WhatsApp group for Tax Agent Program participants. This is the fastest place to ask SMSF-specific questions, share issues you're hitting in SF360, and get answers from the team and from peers working on the same things. 

If you're after in-depth advice on managing SMSF compliance, you can book a paid meeting with Daniel here: How to contact us

When in doubt on a compliance question, ask before you lodge. SMSF mistakes are harder and costlier to unwind than they are to prevent.