Importance Of Hiring An SMSF Accountant For Your Business


To yield the best results of your SMSF, you need to have a thorough knowledge of the tax laws and expertise in the sector. Managing a super fund is not a cakewalk, and it becomes all the more difficult if you do not have enough energy and time to satisfy all the requirements of your SMSF.

So, it is always recommended to appoint an expert accountant who has excellent command in this field and would be able to accurately manage your super fund and maximise your profit out of it. From choosing the right trustee structure to guiding you through the various investment strategies and much more, self-managed super fund accountants will help in every possible way to handle your SMSF properly.

What Is SMSF?

A Self-Managed Superannuation Fund is a personal super fund that is managed by the members of the fund only. The main purpose of a super fund is to provide financial benefits to its members on retirement and their beneficiaries on the members’ death. Now, let’s understand in detail the importance of hiring an SMSF accountant.

Get Specialist Advice

A self-managed superannuation fund demands that you do all the work by yourself, which can be pretty tough if you do not have sufficient knowledge of accounting. A qualified SMSF accountant has a thorough knowledge of how to handle superannuation funds. These experts will help you maximise your profits and reduce your expenses and taxes. You will be guided at every step on how you can manage the daily requirements of your super funds.

If you are a Perth resident, you can easily surf the web for the best tax advisor Perth and hire an expert accountant from any renowned tax firms.

Compliance To The Law

You do not want your super funds to violate any tax laws of Australia just because you were unaware of the recent changes. The accountants always stay up to date with the latest amendments in tax laws and super laws. They make sure that your SMSF fund is compliant with the ATO’s stringent taxation and superannuation laws. That way, you need not worry as they ensure minimising your taxes and keep your fund from violating any laws.

Multiple Options Of Investment

You should diversify your SMSF fund in a way so that it yields you maximum profit. If you do not have enough knowledge and expertise in investments, it is better to hire a professional accountant. The accountant will guide you through the various investment options like cash and term deposits, physical commodities, fixed income products, commercial property, residential property, Australian and international shares, collectibles and many more.

Diversification of your super fund would also ensure your fund’s safety. For example, you make a real estate investment and it goes into loss. You would be relieved because the other investments would make up for your loss.

You Get More Time To Yourself

The amount of time and toil that goes into the proper administration of super funds is massive. However, it is not something that you can just overlook. That’s why people prefer to hire professional accountants to look into the minute details and administer their funds properly.

That way, you will have the final say on how your money should be handled while saving yourself the hassle of doing all the extensive and time-consuming work of managing your superannuation.

Streamlining Of Your Work

Maintaining records of your super fund in physical documents is not recommended. SMSF accountants have dedicated applications that ensure that your super records will be accurately maintained. That way, your accountant will minimise the physical paperwork and streamline all your documentation and data entry into specialised software to avoid any errors.

The applications come at a cost, and by hiring an accountant, you do not bear these unnecessary expenses. Also, during tax season, these softwares prove to be more useful than regular physical documents.

You Do Not Have To Worry When The Tax Season Comes

During the tax season, your super funds are independently audited by an Approved Auditor. You will be in a pickle if you have no knowledge of how to lodge your SMSF tax return. Asset valuation, preparation of fund accounts and annual audit are mandatory before you lodge your return.

An expert SMSF accountant would have all the skills to precisely audit your funds. They would audit your funds at each financial year’s end and even prepare and update your fund’s trust requirements.

Provide Trustee Services

An SMSF accountant cannot be appointed to serve as a trustee of your superannuation fund unless your fund is a Small APRA Superannuation Fund (SAF). If your super fund is not a SAF, your accountant can serve the role of a member of the fund. But remember, he or she cannot be paid for providing the trustee services.

Though it is unlikely that an SMSF accountant will be chosen to serve the role of a trustee of an SMSF fund, he or she can surely provide valuable advice and guidance on who all should be appointed as trustees of the fund and what are the responsibilities to be taken as trustees. The accountants can also give suggestions on the fund’s corporate governance, insurance, risk management and many more.

Accounting Services

Proper documentation and accounting of the various components of a super fund are essential for proper management of the fund. Without a qualified accountant, it becomes very tough to draft all the members’ statements, record all the books of the funds and prepare Annual Return.

Generally, accounts are prepared once a year, but it should not be the case. If not in every quarter, the accounts should be prepared at least twice a year to effectively monitor and drive the retirement savings of the fund’s members.

Final Words

You must have understood by now how crucial it is to hire an accountant for managing your SMSF. Always outsource SMSF services to control your SMSF taxes and avoid paying huge amounts of yearly tax.

If you are in search of a tax agent Perth, get in touch with the leading tax firms in the city and get professional advice in handling and minimising your taxes.

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