SMSF Accountants (HAR0001)

Key Responsibilities
Financial Statement Preparation

• General Ledger Review: Conduct a thorough review of general ledger balances, reports, and transactions to ensure accuracy, proper allocation, and compliance with applicable tax laws and accounting standards.
• Working Papers: Prepare and maintain detailed working papers according to client and regulatory standards, ensuring they are accurate, comprehensive, and reflective of the financial statements.
• Adjustments and Tax Allocations: Identify and apply necessary adjustments to correct tax allocations and ensure compliance with Australian tax laws, including GST and FBT provisions.
• Software Proficiency: Prepare financial statements and reports using Xero, MYOB, HandiLedger, and HandiSoft.
• Year-End Processes: Perform year-end reviews, including accruals, provisions, and deferred tax balances.
• Trust and Company Compliance: Prepare Trust Distribution Statements, Dividend Statements, and other statutory compliance documents.
• Div7A Loan Agreements: Calculate and prepare Div7A loan agreements, including understanding the implications of these agreements on client financials.
• Proactive Communication: Raise queries with the Accountant regarding missing or unclear records, provide recommendations for resolving issues, and ensure efficient preparation of financial documents.
• Documentation and Finalisation: Ensure all working papers are updated to reflect the final version of financial statements and are ready for review

Income Tax Return Preparation

• Tax Return Preparation: Prepare accurate and timely income tax returns for Individuals, Partnerships, Companies, Trusts, and SMSFs in line with Australian taxation regulations.
• Tax Reconciliations: Conduct thorough tax reconciliations to ensure all income, deductions, and offsets are correctly applied.
• Year-End Tax Reviews: Perform year-end reviews, such as reviewing depreciation schedules, accruals, and adjustments, to ensure all tax obligations are captured.
• Validation and Error-Free Returns: Ensure tax returns are free of validation errors and complete, avoiding issues with submission to the ATO
• Legislative Updates: Stay current with updates to Australian tax regulations and incorporate changes into tax return preparation practices.

SMSF Management and Compliance

• Class Software Proficiency: Manage SMSF accounting and compliance tasks using Class software, ensuring accurate setup and reconciliation of funds.
• Reconciliation: Reconcile bank statements, dividends, dividend reinvestment plans (DRP), managed funds, and other investment-related transactions for SMSFs.
• Property Management: Reconcile rental property income and expenses, ensuring compliance with SMSF regulations.
• Pension Allocations: Prepare pension allocations, set up new pensions, and manage minimum pension withdrawal requirements according to Australian SMSF rules.
• Annual Tax Reporting: Prepare annual tax reconciliations, tax provisions, and SMSF tax returns, ensuring compliance with superannuation legislation.
• Legislative Knowledge: Remain updated on changes in SMSF rules, including contribution caps, pension limits, and other superannuation regulations.
• Audit Preparation: Ensure all SMSF documentation, reconciliations, and records are audit-ready and compliant with ATO guidelines.

Qualifications & Skills:

• Proven experience in tax preparation and compliance, including working with complex structures such as companies, partnerships, and trusts.
• Strong proficiency in using HandiTax, Xero, MYOB, and Class software.
• Excellent understanding of income tax laws, SMSF compliance, and relevant tax regulations.
• Ability to work efficiently and accurately under pressure and to meet deadlines.
• • Strong attention to detail and problem-solving skills.
• Excellent communication skills and client-facing experience.
• Relevant qualifications in accounting, finance, or taxation (CA/CPA preferred but not essential).