Reasons to Hire SMSF Accountants for Your SMSF Tax Return

February 11, 2022    taxreturnperth

If an individual is new to SMSF or is in the process of setting up an SMSF, then a question one might ask themselves is whether they will need an SMSF accountant. Sometimes, owners do not find enough time to deal with superannuation funds and have no idea regarding that. This is when they hire accountants who can take care of the SMSF.  

But if an individual has set up a pretty straightforward investment plan and the chosen assets are not difficult, then it might not be proper to hire an accountant. Technology offers an individual a lot more today than it did five years ago for managing a fund.  

Does One Need An SMSF Accountant? 

One does not always need or require an SMSF accountant, but it could be beneficial if one is hired. Before one decides not to seek the services of Self managed super fund accountants, it is important to understand the role of an SMSF accountant and decide if they are important. The SMSF Tax Return services require to be performed; the only thing is who will perform the tasks. So one needs to take a look at when one may or may not need an SMSF accountant. 

Read More:- Lodge Your Income Tax As A Sole Trader In Australia

When One May Or May Not Need An SMSF Accountant 

As mentioned earlier, it is not always necessary to have an SMSF accountant. Whether one needs an accountant or not comes down to the fund’s investment plan. If the fund has a straightforward investment strategy with simple assets, one may administer their SMSF, lodge accountants, and properly perform SMSF tax return. However, one will still need to find good SMSF management software and have a strong comprehension of the rules and regulations. 

The SMSF Association and the CBA categorize individuals who take full control of their SMSF as ‘the controller’. They refer to them as someone with a high level of control in management and investment decisions. Such people have great confidence in their abilities, and such individuals do not require the help of SMSF accountants. 

But if the fund has a complicated investment strategy with complex assets, then one may need to invest in an SMSF accountant to ensure the SMSF is administered properly. Moreover, if one has not set up a fund and has no idea how to establish an SMSF, then the services of an accountant can be beneficial to them.  

One does not need to hand over all the control to an SMSF accountant. One can choose to be the ‘self-directed investor’ and seek management advice, or be the ‘outsourcer’ and rely on an SMSF accountant. They could let an SMSF accountant manage all the areas of the SMSF. 

SMSF Accounting Responsibilities 

An SMSF will require a TFN, ABN and a bank account to allow the fund to make investments, receive contributions and pay pensions or lump sum payments. An SMSF also has many accounting responsibilities to ensure compliance with relevant superannuation legislation. 

SMSF accounting responsibilities are not limited to:

  • Completing a tax return.
  • Organizing the audit with a licensed auditor.  
  • Maintaining records and providing updated financial statements.
  • Preparation of minutes regarding new resolutions and changes.
  • Lodging the tax return after it is audited.

The Role An SMSF Accountant Plays In The SMSF

An SMSF accountant can play a very important role in the SMSF, and it depends on the owner and how hands-on they want to be. Several skilled SMSF accountants from different firms can assist in many areas, and they can provide duties like establishing funds to administration and many more. 

Establishing An SMSF

An SMSF accountant can take care of all the important setup works such as setting a trustee structure, creating trust and trust deeds, appointing trustees, registering funds and applying for ABN. They are also capable of creating the fund’s bank account.  

Establishing The Investment Strategy Of The SMSF

Establishing an SMSF is to have more control over the super but having an SMSF is useless if one does not invest wisely. An SMSF accountant can create an investment strategy to ensure the owner has the right assets to reach retirement goals. 

Read More:- What Is A Company Tax Return And How To Lodge It?

Administering The SMSF

Administering a fund can be a difficult task. Other than preparing the fund’s statements, there are various documents, rules and regulations for one to follow. One also needs to prepare for member’s statements, relevant minutes and an annual tax return. 

Reducing Taxes And Minimizing Fees 

A tax advisor in Perth has the experience and expertise required to get the best possible outcome, to help one reduce tax and build the super. The goal is to reduce tax as one starts drawing from the fund. SMSF accountants from different firms have strategies to help an owner achieve that.

Hiring SMSF Accountants 

While an SMSF accountant is generally not required, their services can undoubtedly benefit an individual’s SMSF strategy and administration requirements. SMSF needs a lot of time and compliance, and unless the owner knows all the rules and regulations, seeking advice from tax accountants in Perth is usually advised. One could contact Tax Return Perth if they need SMSF advice or help to administer the SMSF. 

Need Help With Your Tax Return?

  • Supportive and great management in every single way, I had a great experience with Tax Return Perth and their Business Tax Return services. I feel safe and satisfied with their services, also their experiences Tax Accountant Perth not only help me in the lodge the tax return but also gave the proper suggestions regarding my business. Thanks for your tax preparation services who really worked for me.
    Those who are looking for Tax Return Near Me, highly recommend Tax Return Perth for their excellent work in the field of tax lodgement.
    Pathma Naburn
  • I have no words to say about the phenomenal work by tax return Perth. Although they work from their office, their prompt response and effective communication make me believe that I have hired a personal accountant for Tax Return Filing myself. It's been close to 2 years they are handling my individual tax return as my long working hours in the office are not letting me concentrate on my tax issues. Their experienced team is well versed in managing tax return services and maintaining your financial health to its best. Your search for the best tax return near me ends with them as they won't let you down. Go try it and get mesmerised with their quality of work.
    Mayank Mehta
  • Tax Return Perth has been a lifesaver for me. I value their expertise and ongoing compassion and kindness. We have been with other Tax Return Perth for several years and have referred them on to a number of our friends with small businesses. You can not fault their Tax Preparation work ethic and quality of work, and they always makes themselves available. We wouldn't be where we are at with our small business without them as our accountant. Would definitely recommend Tax Return Perth to people living near Perth, CBD
    Yeshey Nidup
Paying Too Much For Tax or Need an Expert Tax Return Consultant?
Copyright 2020 Tax Return Perth All Rights Reserved.
Enquire Now
Call Us Now