The SMSF Clarity Review — Know Where Your Fund Actually Stands
- Leonie Martin
- Aug 23
- 7 min read
Know where your fund stands, what you're responsible for, and what needs attention.
Most SMSF trustees don't have a problem they can name. They have a feeling.
Something changed — the accountant retired, or passed away, or the fund bought a property, or a member is heading toward pension phase — and the fund kept running without anyone stepping back to look at whether it all still fits together.
Nothing has gone wrong. But nobody has confirmed that nothing has gone wrong. And the way SMSFs work, you usually find out at audit, which is well after the point where a problem was cheap to fix.
The SMSF Clarity Review exists for exactly that gap
What the SMSF Clarity Review Is
The SMSF Clarity Review is a 60-minute session where we look at where your SMSF is actually at, what you need to be across as trustee, and whether anything needs attention.
$550 inc GST. If you go on to engage us for ongoing work, that amount is credited toward it.
You complete a short questionnaire beforehand — your fund's background, structure, what it holds, how you're handling compliance and records, and what's prompting you to look now. We work through it together on the call.
Afterwards you receive your SMSF Clarity Snapshot: a written summary of where the fund stands, what's working, what needs attention, and what to do next, in priority order.
What We Look At
Structure. Trustee arrangement, deed, whether the setup still suits how the fund is being used.
Investment strategy. Whether one exists, and whether it reflects what the fund is actually doing. This is the most common gap we find, and it's the one the ATO and the 2026 reforms are most focused on.
Compliance. Contributions and caps, pensions and withdrawals, related-party rules, in-house assets, the sole purpose test — and whether you've ever actually been walked through any of it.
Records and audit readiness. Not whether you have a filing system, but whether what's required is genuinely being captured.
What's ahead. Retirement timing, liquidity, loan repayments, member changes — whether the fund's current shape supports where it's going.
What you get
Most reviews of this kind end with a conversation you half-remember a week later. This one ends with a document.
The SMSF Clarity Snapshot is written up after the call and sent to you. It's short enough to read in one sitting and specific enough to act on. Here's what's in it.
Where your fund currently stands. A plain-English account of your fund as it actually is — what it holds, how it's structured, what's changed recently, and who's doing what. Trustees are often surprised by this section, because it's the first time anyone has written the whole picture down in one place.
A status view across the three things that matter. Structure, investment strategy and compliance, each marked as on track or needing attention. It takes about ten seconds to read and tells you where to look.
What's working well. This isn't padding. Most funds are doing more right than their trustees believe, and knowing which parts you don't need to worry about is half the value of the exercise. If your structure is sound and your records are in order, you should know that as clearly as you know what isn't.
Key observations. The things that stood out — a strategy that hasn't kept pace with what the fund bought, a cash balance sitting without a documented purpose, complexity that's crept in without anyone stepping back. Observations, not accusations.
Risks and gaps. Where the fund is exposed. Compliance areas you haven't been guided through, documentation that wouldn't hold up, liquidity that doesn't match what's coming. Named plainly, so you can weigh them.
Priority actions, in order. Not a list of everything that could theoretically be improved — the things worth doing, ranked, so you know what to deal with first and what can wait. Usually three or four items.
What to be aware of going forward. The things that aren't problems today but will matter as the fund evolves — a member approaching pension phase, loan repayments against liquidity, how the current structure holds up against where you're heading.
Where to from here. What ongoing support would look like if you want it, and what you can handle yourself if you don't.
The Snapshot is yours to keep, whether you work with us afterwards or not. Several trustees have taken it back to their existing accountant as a to-do list — that's a completely legitimate use of it.
Who it's for
Trustees who've lost their accountant. Retirement, death, or a firm that's stopped doing SMSF work. You're suddenly responsible for something nobody is watching.
Trustees managing the fund themselves. Often competently — but without anyone confirming it, or flagging the rules nobody mentioned.
Funds where something significant has changed. A property purchase, borrowing, a large cash holding, a member approaching pension phase, a change in members.
Trustees who aren't confident they'd pass an audit today. "Somewhat confident" is the most common answer we hear, and it's worth resolving.
People deciding whether an SMSF suits them at all. If you haven't set one up yet, the review is a straight answer before anyone sells you anything. Start with the five questions if you'd rather work through it yourself first.
You can find out more about our ongoing SMSF service here.
What it isn't
It isn't financial product advice. We don't tell you what to invest in, and we won't recommend products. We look at structure, compliance and documentation.
It isn't an audit. An audit is a formal annual requirement with a defined scope. This is a review to find things before the auditor does.
It isn't a sales call. You get the Snapshot either way. If ongoing support makes sense we'll say so, and if it doesn't we'll say that too. Plenty of reviews end with "you're in better shape than you thought — here are two things to tidy up."
It isn't for a specific property purchase. If you're weighing up buying property in your SMSF, the SMSF Property Clarity Review is the right product — it runs the numbers on whether the
purchase actually stacks up.
Why now, specifically
Government reforms announced in August 2026 sharpen the focus on exactly the areas this review covers — trustee understanding of obligations, written investment strategies, and documentation quality. The Government has also flagged consultation on uplifting the quality of investment strategies, which is squarely aimed at documents that exist without meaning anything.
None of it is law yet. But if your fund's strategy hasn't been properly considered since setup, or you've never been walked through the compliance obligations you're carrying, that gap is going to get more visible rather than less.
How It Works
Step 1 — Tell us about your fund You complete a short online questionnaire covering when the fund was established, your trustee structure, what it holds, how you're managing compliance and records, and what's prompted you to look at this now. It takes about ten minutes. Answering "not sure" is a perfectly useful answer — knowing what you're unsure about is part of the point.
Step 2 — We review it before we speak Your responses are worked through ahead of the call, so the session isn't spent gathering information. If you can send your trust deed, most recent financial statements and investment strategy, they're reviewed too. If you can't find them, that's noted rather than held against you.
Step 3 — The 60-minute session We walk through where your fund is at, starting with whatever's actually concerning you. We cover structure, investment strategy, compliance and records, and what's coming up for the fund. You'll get straight answers on what's fine, what needs attention, and what can wait — and you can ask anything you've been unsure about.
Step 4 — Your Clarity Snapshot The written summary is prepared after the call and sent to you within 5 business days. It sets out where the fund stands, what's working, what needs attention, and your priority actions in order.
Step 5 — If you want ongoing support, we'll set it out If the Snapshot points to work worth doing, we'll tell you what it involves and what it costs, and the review fee is credited toward it. If it doesn't, we'll say that. There's no obligation either way.
The Price
$500 + GST — one-time fixed fee.
For context: that's less than two years of the ATO supervisory levy. It's a fraction of what a single administrative penalty costs a trustee — and those are payable personally, not from the fund. It's considerably less than the cost of unwinding a compliance problem that's been running for three years because nobody looked.
The review is priced as a standalone service because its value is the clarity it gives you — whether or not you go on to work with us.
Clarity before you commit
If you'd like to know where your SMSF actually stands, and what — if anything — needs your attention, that's what this is for.
$500 + GST. Fixed fee. Delivered in writing within 5 business days.
👉 Get Started — SMSF Clarity Review
Or call 0490 033 038 — or email leonie@helloledger.com.au
FAQs
How much does the SMSF Clarity Review cost?
$550 inc GST. If you engage us for ongoing work afterwards, that amount is credited toward it
How long does it take?
A 60-minute session, plus a short questionnaire beforehand. You receive your written Clarity Snapshot within 5 days of the call..
Do I need to change accountants to do this?
No. Plenty of trustees do the review while working with an existing accountant, and we're happy to work alongside them or provide more direct support depending on what you're after.
Is this financial advice?
No. The review covers structure, compliance, documentation and administration. We don't provide investment advice or recommend financial products.
What do I need to prepare?
We'll send you a questionnaire once you book, covering your fund's background, structure, investments, compliance and records, and what's prompted you to look at this now. We work through your answers together on the call. It also helps to have your trust deed, most recent financial statements and investment strategy to hand — but if you can't locate something, tell us. That's useful to know too
What if my fund has problems?
Most do, and most are fixable. The point of the review is finding them while they're still cheap to address rather than at audit.
What if the review finds something that needs attention?
That's what it's for — finding things while they're still straightforward to address rather than at audit. The Snapshot sets out what needs doing and in what order, so nothing lands on you all at once..
Related Guides
You can explore each of these via our guides below:
👉 Eligibility & Trustee Responsibilities
