Finding the Best SMSF Setup Company in Wollongong: 5 Options and What Comes After

Setting up a self-managed super fund is a one-off job. Running it is not. Once the fund is registered, money has to roll over from existing super accounts, the books have to be kept, and every year the accounts must be prepared, audited by an independent auditor and lodged with the ATO.

That is why the choice of setup firm matters beyond day one. The firm that drafts the paperwork is often the firm that ends up doing the yearly work too. This guide looks at five Wollongong options that publish both sides: the setup work and the ongoing work that follows.

A note on SMSF Australia

SMSF Australia runs its setup service fully online, so it is an option for trustees in Wollongong who do not need a local office. Its guide on how to set up an SMSF sets out a fixed fee of $2,000 + GST per fund. That fee includes the $636 ASIC fee for a corporate trustee, the trust deed and trustee constitution prepared by an in-house SMSF lawyer, binding death benefit nominations, an investment strategy template, the ATO registrations (ABN, TFN and regulation), an electronic service address, help to set up the fund bank account and a registered office for the first 12 months. On rollovers, the firm says: “we can prepare and submit rollover paperwork for any existing superannuation accounts.”

For the years that follow, annual packages start from $1,300 + GST, and that price includes the cost of the independent audit. SMSF Australia arranges the audit; it does not audit funds itself. There are no lock-in contracts.

1. Whatman Stratton Accounting

Whatman Stratton Accounting is a Wollongong practice that works with clients across Wollongong and the Illawarra. Its SMSF page describes support “from setup through to retirement”.

Setup work. The page lists “SMSF Setup – including ABN/TFN registration and obtaining a Statement of Advice”.

What comes after. Two items on the same list cover the years after registration: “Fund Rollovers – guidance on transferring money into and out of the SMSF” and “Tax Return & Financials – preparation, lodgement, and audit coordination”.

Suits a trustee who wants one local accountant to take the fund from registration through rollovers and into the yearly return, with the audit coordinated for them.

2. ND Accounting

ND Accounting is a Wollongong firm with a page set aside for SMSF administration.

Setup work. The page lists “SMSF establishment (when recommended by a licensed financial consultant)” and “Assistance with trust deed and registration”. In other words, ND Accounting sets up a fund once a financial consultant has recommended one.

What comes after. The annual list is detailed: “Preparing annual financial statements and SMSF tax returns”, “Member and trustee records maintenance” and “Lodging all compliance requirements with the ATO”. The page also says annual SMSF audits are coordinated and “outsourced to registered SMSF auditors”.

Suits a trustee who already has a financial consultant and wants an accountant to handle the records, statements and lodgements that sit behind that advice.

3. HLB Mann Judd

HLB Mann Judd is an accounting group whose offices include Wollongong. Its superannuation page covers SMSFs as part of its wealth management services.

Setup work. The firm says it will “advise clients on the establishment and administration of the fund, including notice of election to become a regulated fund, trust deeds, nomination of death benefit beneficiaries, and benefit rollover documentation”.

What comes after. The same page says its team will “manage aspects pertaining to annual financial and member statements”, and it also names transfer balance account reporting and investment reporting.

Suits a trustee who wants SMSF work handled inside a larger firm that also offers wider wealth management services.

4. Morgans (Wollongong branch)

Morgans has a Wollongong branch, and its SMSF administration service is part of Wealth+. Under this service the client has one point of contact, a Morgans adviser.

Setup work. The service list starts with “Trust Deed establishment”. The page says clients receive a trust deed from Reckon Docs Pty Ltd.

What comes after. Fund administration on the same page includes “Preparation of annual financial reports”, preparation and maintenance of the statutory member records, and “Arranging annual audit”, with liaison with the external auditors.

Suits a trustee who wants an adviser to be the single contact for the fund, with the administration run through the same relationship.

5. DRB Group

DRB Group’s superannuation page covers the whole life of a fund.

Setup work. The page says: “We assist with establishing Self-Managed Super Funds (SMSFs), ensuring ongoing compliance, updating trust deeds, and managing the wind-up process of SMSFs”.

What comes after. The firm also says it can prepare and lodge financial statements, SMSF annual returns and Activity Statements.

Suits a trustee who wants one firm for the full life of the fund, from establishment and deed updates through to closing the fund when it is no longer needed.

What comes after the SMSF is registered?

Whichever firm does the setup, the same jobs follow. They are the reason it pays to know what a firm offers after registration.

Open the fund bank account

The fund needs a bank account in its own name, kept apart from the members’ personal money. Rollovers, contributions, investment income and fund expenses all go through this account. Clean bank records make the yearly accounts and the audit simpler.

Set up the electronic service address

An SMSF needs an electronic service address so it can receive rollovers and employer contributions through SuperStream. The fund’s details with the ATO, the bank details and the member details must match, or incoming rollovers can be held up.

Review the deed and the investment strategy

The trust deed sets the rules of the fund, and the trustees must also keep a written investment strategy. The ATO expects trustees to review the strategy regularly and to keep a record of each review. This is also a good time to think about how the fund fits your wider investment strategy.

Close the year

At the end of each financial year, the fund’s accounts are prepared, an independent approved SMSF auditor audits them, and the SMSF annual return is lodged with the ATO. The audit comes before the return. Having statements, valuations and bank records ready early gives the accountant and the auditor what they need to finish on time.

Conclusion

The best SMSF setup company in Wollongong depends on what you want after the fund is registered. Whatman Stratton lists rollovers and the yearly return next to setup. ND Accounting works alongside a financial consultant. HLB Mann Judd places SMSF work inside a larger wealth management practice. Morgans gives you one adviser as the single contact, and DRB Group covers the fund’s full life, up to a wind-up. SMSF Australia offers a fixed-fee online setup and annual packages that include the audit cost. Setup happens once; the yearly work continues for as long as the fund exists.