On Demand Tax Outsourcing Accounting Duties and Scope

Each job submitted through the Felcorp Portal is scoped against the duties listed below. Work is completed using your fund administration software and file structure.

Transaction Recording

Accurate transaction recording is the foundation of compliant SMSF accounts.

• Record all fund transactions including contributions, rollovers and benefit payments
• Allocate investment income, expenses and tax entries to the correct periods
• Ensure all entries are supported by source documentation
• Flag unallocated or unidentified transactions for trustee review

Bank Reconciliation

Bank reconciliation confirms that fund records match actual bank balances at each period.

• Reconcile all SMSF bank accounts against fund ledger records
• Identify and investigate discrepancies between bank statements and book balances
• Resolve outstanding items and confirm reconciled balances are documented
• Reconcile across multiple accounts where the fund holds more than one bank account

Member Contributions

Contribution recording ensures member entitlements are correctly captured and classified.

• Record concessional contributions including employer and salary sacrifice amounts
• Record non-concessional contributions and after-tax member deposits
• Process rollovers received from other funds and allocate to the correct member accounts
• Flag contributions that may exceed applicable caps for trustee review

Pension Payments

Pension payment processing supports funds in meeting their minimum drawdown and compliance obligations.

• Record account-based pension payments made to members in retirement phase
• Process pension commutations and document the resulting account balance adjustments
• Record reversionary pension entitlements on member death
• Confirm minimum annual pension payments are met and documented

Investment Accounting

Investment accounting captures all movement across the fund's asset base throughout the year.

• Record the purchase and disposal of investments including shares, managed funds and property
• Update investment valuations at year end to reflect current market values
• Allocate investment income including dividends, distributions and rental income to member accounts
• Maintain capital gains tax records including cost base and disposal proceeds for each asset

Member Account Maintenance

Member account maintenance keeps individual balances accurate and up to date across all phases.

• Maintain separate account balances for each member across accumulation and pension phases
• Allocate fund earnings, expenses and tax to member accounts in accordance with the trust deed
• Update member balances following contributions, withdrawals, rollovers and pension payments
• Prepare member statements reflecting opening balances, movements and closing balances

Financial Statement Preparation

Annual financial statements are prepared to reflect the fund's financial position and performance.

• Prepare the fund balance sheet reflecting assets, liabilities and net assets at year end
• Prepare the income statement summarising fund income, expenses and tax for the year
• Prepare member benefit statements showing each member's opening and closing account balance
• Work completed to your practice template and fund administration software format

Annual Return Preparation

The SMSF Annual Return consolidates the fund's financial and regulatory information for the year.

• Compile return data from finalised financial statements and member account records
• Prepare supporting schedules including member contributions, pension payments and transfer balance account information
• Review the return for accuracy and consistency with the fund's financial statements
• Provide completed workpapers ready for trustee review and lodgement

Audit Preparation

Audit preparation organises the fund's records to support a complete and efficient annual audit.

• Compile financial statements, bank statements and investment valuations into an audit-ready package
• Prepare supporting workpapers for contributions, pension payments and investment transactions
• Organise trustee declarations, minutes and compliance documentation required by the auditor
• Respond to auditor queries with supporting documentation as required