Do I need an SMSF Accountant?

Do I need an SMSF Accountant?


If you’re new to SMSFs or are in the process of setting up a SMSF, then one question you will be asking yourself is whether you need an SMSF accountant.

As Gold Coast SMSF accountants ourselves, we’re in a prime position to provide the answer to this question. We’re also well-equipped to offer sound advice regarding your SMSF requirements and the role an accountant can play in your SMSF.

So, without further ado, let’s get down to business.

Do you need an SMSF accountant? No, not always. It’s not a requirement to have an SMSF accountant; however, it may be a considerable benefit to you if you do.

Before you decide not to seek the services of a Gold Coast SMSF accountant, it’s essential to understand an SMSF accountant’s role in an SMSF and evaluate whether you’re able to fill these shoes. The services still need to be performed, it’s just a matter of who will perform them!

So, let’s take a look at when you may or may not need a Gold Coast SMSF accountant and the role an SMSF accountant can play in your SMSF.

When you may or may not need an SMSF accountant

As mentioned, it isn’t always necessary to have an SMSF accountant. It comes down to your fund’s investment plan. If your fund as a straightforward investment strategy with simple assets, you may be able to manage the software to administer your own SMSF, lodge its accountants, and stay on top of your tax tasks. However, you will need to find good SMSF management software and have a strong comprehension of the rules and regulations.

The CBA and the SMSF Association categorise those that choose to take full control of their SMSF as ‘the controller’ – someone with a high level of control in the management and investment decision-making process. Someone with total confidence in their own abilities.

If that sounds like you, then perhaps you don’t need a Gold Coast SMSF accountant.

If however, your fund has a complicated investment strategy with complex assets, then it may pay to invest in an SMSF accountant to ensure your SMSF is administered correctly. Moreover, if you have not yet set up a fund and have no idea how to establish an SMSF, then an SMSF accountant’s services will be very beneficial.

You don’t need to hand over all control to an SMSF accountant. You can choose to be ‘the self-directed investor’ and seek some management advice, ‘the coach seeker’ and outsource some of the tasks to SMSF accountants, or be the ‘outsourcer’, and rely on an SMSF accountant to manage all areas of your SMSF. It’s up to you! Find out more about these categorisations on our Self Managed Super Funds page.

The role an SMSF accountant can play in your SMSF

An SMSF accountant can play a significant or small role in your SMSF; it’s totally up to you and how hands-on you want to be.

Gold Coast SMSF accountants, such as the skilled team at Grow Advisory Group, can assist in many areas; from fund establishment to administration and beyond.

Establishing an SMSF

An SMSF accountant can take care of all the essential setup tasks such as setting a trustee structure, appointing trustees, creating the trust and trust deed, applying for an ABN, registering the fund, and creating the fund’s bank account.

Establishing the investment Strategy

The point of an SMSF is to have more control over your savings, but having an SMSF is pointless if you don’t invest wisely. An SMSF accountant can devise an investment strategy to ensure you have the right assets to reach your retirement goals.

Administering an SMSF

Administering a fund can be a complex task. Beyond preparing the fund’s financial statements, there is a mountain of documents, rules, and regulations to follow. Relevant minutes, members’ statements and an annual Tax Return also needs preparing.

Reduce Taxes & Minimise Fees

An SMSF accountant has the experience and expertise needed to get you the best possible outcome; to help you reduce your tax and build your super. The key is to reduce tax as you start drawing from the fund. SMSF accountant, such as Grow Advisory Group, have strategies to help you do just that.

Conclusion

While an SMSF accountant isn’t a requirement, their services can undoubtedly benefit your SMSF strategy and administration requirements. SMSFs require a lot of time and compliance, and unless you are au fait with the latest rules and regulations, seeking an SMSF accountant’s services is generally advised.

If you would like SMSF advice or require help establishing or administering your SMSF, please contact the team at Grow Advisory Group.

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    Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.

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    Grow Investment Group ABN 55 649 038 460, Grow Advisory Group Tax agent ABN 50 633 876 490 are part of the Grow Advisory Group ABN 59 630 318 535. Licensing Statement: Grow Investment Group is a Credit Representative 418758 is authorised under Australian Credit Licence 486112

    The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.