SMSF Accounting Services in Melbourne

Superannuation & SMSF Services in Melbourne

RPS Accountants provides valuable support in understanding superannuation management, which is also known as Self-Managed Super Funds (SMSFs). These individuals or business owners are responsible for their superannuation management, but complying with superannuation laws can be challenging.

Our team works closely with clients to support effective superannuation management, whether it involves meeting employer obligations, maintaining fund compliance, or ensuring accurate reporting. We focus on simplifying complex requirements and providing practical guidance aligned with each client’s financial objectives.

The $3 million super tax (Division 296)

Division 296 passed Parliament in March 2026 and applies from 1 July 2026. If your total super balance is above $3 million at 30 June 2027, an extra 15% tax applies to the portion of earnings above the threshold — lifting the effective rate to around 30%. A second tier now taxes earnings on balances above $10 million at an effective 40%.

Crucially, the revised law dropped the tax on unrealised (paper) gains. Division 296 now applies only to realised earnings — dividends, interest, rent and actual capital gains — bringing it back in line with normal tax principles. Both the $3m and $10m thresholds are indexed to inflation.

For Melbourne SMSF trustees near these limits, the planning window is open now. We model your position before 30 June 2027 so you can manage realisations, contributions and pension timing ahead of the first assessment.

Common SMSF compliance mistakes (and the ATO penalties they trigger)

Most SMSF trouble comes from a handful of avoidable breaches. The big ones we protect clients from:

Breaching the sole purpose test — using fund assets for present-day benefit (e.g. a "holiday" property).
The in-house asset rule — lending to, or investing more than 5% of the fund in, related parties.
Related-party transactions — buying assets from members at non-market value.
Non-arm's length income (NALI) — income taxed at the top 45% rate when a transaction isn't at market terms.
Missing the audit or lodgement deadline.

The ATO’s responses escalate fast: rectification and education directions, administrative penalties (paid personally by trustees, not the fund), making the fund non-complying (losing concessional tax treatment), or disqualifying a trustee. We run compliance checks throughout the year so issues are fixed before they ever reach the auditor or the ATO.

Estate planning & death benefits

Your super doesn’t automatically follow your Will. Without the right documentation, the trustee decides who receives your death benefit — which can mean disputes or unintended outcomes.

A Binding Death Benefit Nomination (BDBN) locks in who receives your benefit; we make sure yours is valid, current and (where appropriate) non-lapsing. A reversionary pension can instead pass an income stream straight to your spouse, often with smoother cash flow and transfer-balance-cap treatment.

Tax matters too: benefits paid to tax dependants (like a spouse) are generally tax-free, while benefits to non-dependants (typically adult children) can be taxed at up to 17% on the taxable component. We structure nominations, pensions and member balances so your wealth passes to the right people, the right way.

Is an SMSF right for you?

An SMSF gives you control — but it isn’t for everyone. As a rough guide, funds generally become cost-effective from around $200,000+ in combined balance, where fixed annual fees stop outweighing a percentage-based industry fund. You also need time and willingness to meet trustee duties. We give you an honest assessment before you commit.

Feature	SMSF	Industry / Retail Fund
Investment control	Full (incl. direct property, shares)	Limited menu
Direct property & unlisted assets	Yes	No
Borrowing to invest (LRBA)	Yes	No
Cost structure	Mostly fixed fees	% of balance
Cost-effective from	~$200k+	Any balance
Trustee responsibility	Yours (we support)	Fund handles it

Contribution caps for 2026–27 (and Division 293)

From 1 July 2026, indexation lifted the caps:

Concessional (before-tax) cap: $32,500 — up from $30,000.
Non-concessional (after-tax) cap: $130,000 —with bring-forward of $260,000 (2 years) or $390,000 (3 years) for eligible members.
Carry-forward: unused concessional cap from the past 5 years can be used if your total super balance was under $500,000 at 30 June 2026 — a powerful catch-up lever.

Watch Division 293: if your income plus concessional contributions exceeds $250,000, an extra 15% tax applies to those contributions. We time contributions across financial years to use every dollar of cap without tripping these limits.

Pension phase & minimum drawdowns

Once you start a retirement-phase account-based pension, fund earnings on that balance become tax-free but you must draw a minimum each year, based on your age at 1 July:

Age	Minimum drawdown
Under 65	4%
65–74	5%
75–79	6%
80–84	7%
85–89	9%
90–94	11%
95+	14%

A transition-to-retirement (TTR) pension lets you draw an income from age 60 while still working. The amount you can move into the tax-free retirement phase is capped by the transfer balance cap, now $2.1 million from 1 July 2026. We handle pension commencement, documentation and the annual minimums so nothing is missed.

SMSF tax rates, spelled out

Item	Rate
Earnings (accumulation phase)	15%
Capital gains on assets held 12+ months	10% (1/3 discount)
Earnings & capital gains (retirement / pension phase)	0%
Concessional contributions	15% (+15% if Div 293 applies)
Non-arm’s length income (NALI)	45%

The headline: a complying SMSF pays just 15% on earnings while building wealth, 10% on long-held capital gains, and 0% once assets support a retirement pension. Getting the structure and timing right is where a specialist SMSF accountant pays for itself.

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