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.
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.
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.
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:
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.
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 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.
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.
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.
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.