Advivo explores the benefits of seeking help from an SMSF Accountant
There are many reasons for starting up a Self-Managed Super Fund (SMSF) and one of the main reasons is that it gives the trustee greater control and flexibility to invest in certain assets. But if you’re unfamiliar with SMSFs or in the process of establishing an SMSF, you may be wondering if you need an SMSF accountant. Generally speaking, the more complex your investments the more help you need from the right advisors.
Read on to find out what an SMSF accountant can do for your Self-Managed Super Fund and whether you may need one.
What is an SMSF accountant?
An SMSF accountant is a specialised accountant that can help you manage your self-managed super fund (SMSF) to comply with all the various Australian Taxation Office and Australian Securities and Investment Corporation onerous regulations and requirements. Please note that non-compliance can carry significant penalties.
Need help with Self-Managed Super Fund (SMSF)? Contact our SMSF Specialist Advisors in Brisbane here.
What can an SMSF accountant do?
An SMSF accountant can complete many tasks on your behalf such as:
- Set up an ABN, TFN, and a dedicated bank account for your fund
- Set up a trustee structure and appoint trustees and any ongoing amendments required
- Register the fund
- Prepare your SMSF financial statements and tax returns
A major benefit of seeking the help of an SMSF accountant is their knowledge and understanding of the rules and regulations surrounding SMSFs, and their ability to help you navigate these rules and regulations.
When would you need an SMSF accountant?
Generally, if you have a straightforward investment strategy with simple assets for your fund, and you’re confident with your knowledge of SMSFs, you may not need an SMSF accountant other than preparing and lodging annual taxation returns. Although you will need to find good management software, as well as have a thorough understanding of the software and all the rules and regulations surrounding SMSF.
If you have a more complex investment strategy with complex assets for your fund, it would be beneficial to enlist the help of an experienced SMSF accountant to ensure that your SMSF is compliant and administered correctly.
On the other hand, if you’re just establishing your SMSF and have minimal to no knowledge of the process to start up your fund, then seeking help is the best step forward to setting up your SMSF.
Here at Advivo, our team of SMSF accountants are based in Brisbane and can provide expert and up-to-date advice about and guide you through your Superannuation and SMSF Services. Contact us to find out more.
