What does a SMSF accountant do?

A self managed superannuation fund (SMSF) is a powerful retirement savings tool that can set you up for a comfortable life if managed properly. This type of super fund allows for more flexibility and control over your savings and investments. You can have up to six people on the fund that are actively managing the account.

Is it advantageous to employ an accountant for your fund? Let's explore your options and the benefits if you choose to go down this route of retirement funding.

A self-managed super fund offers flexibility and multiple trustees.

An SMSF accountant explained

Your accountant can help you during tax season so you have the maximum benefits you qualify for. They will do all of the preparation and lodgements necessary. Your SMSF accountant can manage the bookkeeping and paperwork of the fund to ensure that it runs smoothly. To ensure your records are where they should be, your SMSF professional will organise a regular SMSF audit.

Accountants are prohibited from providing financial advice to their customers unless they have the licensing to do so. However, non-licensed accountants can provide SMSF administration services, accounting services and tax planning.

Accountants and SMSFs

By using an accountant with SMSF experience you reduce the possibility of unknowingly breaching superannuation and taxation legislation – they can guide you through this minefield!

They can also give ongoing support such as the following:

• The fund's bookkeeping requirements.
• Preparation of the fund's financial statement.
• Preparation and lodgement of the SMSF annual return.
• Preparation of SMSF trustee resolutions.
• Help trustees formulate the fund's investment strategy.

Establishing an SMSF

Setting up self managed funds can be a long and arduous process. With something as important as your retirement, you want to ensure that the hard work you've put into your career pays off when you're ready to retire. An accountant with SMSF experience can manoeuvre through the red tape and streamline the process to establish an SMSF. However, to be able to do so, an accountant must hold a financial license and ultimately produce a Statement of Advice to the client concerning the viability of establishing an SMSF.

Managing your SMSF

As you consider whether or not you should hire an accountant for your super fund, it is to be noted that you, as trustee of the fund, are ultimately responsible for its investment strategy and ensuring the fund's ongoing legal compliance with superannuation and taxation legislation. This includes annual auditing, reporting and taxation obligations to the Australian Taxation Office (ATO). Consequently, it makes good sense to bring on board an accountant to support and educate you on the ins and outs of managing your fund.

Benefits of working with an accountant

The best part about establishing an SMSF, is you have the freedom to choose the investments you invest in and for how much. With a chartered SMSF accounting firm like Wilson Porter, you have trustworthy accountants by your side every step of the way.

Hiring an SMSF accountant is the right choice for anyone that wishes to set up their retirement the right way. Wilson Porter can set up your SMSF, and provide you with all the necessary documentation, including financial statements, tax returns, and resolutions along with ongoing support and guidance.

There is so much more to explore when it comes to your retirement fund. Wilson Porter chartered SMSF service accountants have both the skills and the background to help you get the most out of your trust. You can contact your local Wilson Porter office at any time. For questions or to get started, reach out to a Wilson Porter SMSF specialist today.