

SMSF Financial Statements and Tax Returns
Managing the financial statements and tax returns for a Self-Managed Super Fund (SMSF) is a key responsibility of trustees.
SMSFs are required to prepare annual financial statements, undergo an independent audit, and lodge an annual return with the Australian Taxation Office (ATO).
At HelloLedger, we make SMSF compliance simple by handling the reporting, preparation, and lodgement processes—ensuring your fund remains ATO-compliant and avoids penalties.



Financial Statements for SMSFs
SMSFs must prepare accurate financial statements each year to:
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Track the fund’s financial position and performance.
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Provide detailed information for audits and tax reporting.
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Ensure compliance with superannuation laws.
What’s Included in SMSF Financial Statements?
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Statement of Financial Position (Balance Sheet):
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Lists the SMSF’s assets, liabilities, and net balance.
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Operating Statement (Profit and Loss):
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Tracks income, expenses, and investment returns.
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Member Statements:
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Provides a breakdown of each member’s account balance, contributions, and benefits.
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It may also include other investment reports.
HelloLedger prepares these reports accurately, ensuring your fund is audit-ready and compliant.



SMSF Annual Tax Returns
All SMSFs are required to lodge an annual return with the ATO, which includes:
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Tax calculations and payments.
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Member contributions and benefits.
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Regulatory details confirming compliance with superannuation laws.
Our team handles the preparation and lodgement of SMSF tax returns, ensuring you meet all deadlines and avoid penalties.
The Audit Requirement
Before lodging the annual return, an SMSF must be audited by an independent auditor to verify compliance with superannuation laws and ATO requirements.
At HelloLedger, we:
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Prepare all required financial statements and supporting documents for the audit.
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Liaise with independent auditors to ensure the process is smooth and efficient.
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Address any compliance concerns flagged during the audit.
Record Keeping Requirements for SMSFs
SMSF trustees are legally required to keep detailed records and documentation to demonstrate compliance with superannuation and tax laws.
What Records Do You Need to Keep?
Trustees must retain the following records for specific periods:
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Financial Records (5 Years):
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Statements of financial position.
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Income statements and supporting documentation.
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Member contribution records.
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Bank statements and supporting documentation
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Records of all investments
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Records of all income and expenses
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Trustee Meeting Minutes (10 Years):
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Minutes of trustee decisions, including investment choices and changes to the fund.
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Tax and Compliance Records (5 Years):
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Annual tax returns.
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Audit reports.
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Statements confirming compliance with investment strategies.
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Asset Valuation Documents:
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Evidence supporting the market valuation of fund assets, such as property valuations and share price reports.
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Trust Deed and Amendments:
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Copies of the trust deed and any amendments, stored indefinitely.
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How HelloLedger Helps with Record Keeping
We provide tools and support to:
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Organise and store records securely.
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Ensure all documentation meets ATO audit standards.
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Prepare for audits with complete and accurate records.


SMSF Financial Statements and Tax Returns FAQs
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What financial statements do I need to prepare for my SMSF?
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You’ll need to prepare:
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- A balance sheet showing assets and liabilities.
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- An income statement detailing revenue and expenses.
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- Member statements tracking contributions and balances.
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HelloLedger manages all these reports to ensure compliance and accuracy.
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What is included in an SMSF tax return?
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The SMSF annual return includes:
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- Tax calculations and payments.
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- Details of contributions and benefits.
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- Regulatory information to confirm compliance with superannuation laws.
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HelloLedger prepares and lodges your return to ensure you meet ATO requirements.
Do I need to value SMSF assets every year?
Yes, SMSF assets must be reported at market value in the annual return. This includes property, shares, collectibles, and other investments. HelloLedger helps with valuations and reporting requirements.
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What records do I need to keep for my SMSF?
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You must keep:
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- Financial statements for 5 years.
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- Minutes of trustee meetings for 10 years.
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- Audit reports, tax returns, and investment records.
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HelloLedger assists in organising and maintaining these records for ATO audits and reporting.
What happens if my SMSF lodges its tax return late?
Late lodgements can lead to penalties, loss of tax concessions, and your SMSF being declared non-compliant. HelloLedger tracks deadlines and manages lodgements to help avoid these risks.
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Who audits my SMSF, and how often does it need to be audited?
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SMSFs must be audited annually by an independent auditor to confirm compliance with superannuation laws. We work with independent auditors and provide the required documentation to streamline this process.
Can HelloLedger assist with preparing and lodging my SMSF tax return?
Yes, we handle all aspects of financial statement preparation, audit readiness, and tax return lodgement, ensuring compliance with ATO regulations.