As a trustee of a self managed super fund - SMSF, you may be wondering whether you need an accountant to manage your fund's financial affairs. The short answer is yes. You most likely do need an accountant to help you manage your SMSF.
In 2018, there were over 95.1 thousand accountants registered in Australia. By 2023, this number has increased, with over 38,000 accountants registered with ICAA and more than 50,000 others. There is still a need for over 10,000 accountants in the country as of Q2 of 2023.
In this article, we'll explore the reasons why having an accountant is crucial for a self managed super fund - SMSF, as well as some of the specific accounting rules you should be aware of.
Accountants for Self Managed Super Funds:
It is crucial to understand that self managed super fund - SMSF are subject to a range of complex rules and regulations. These rules govern everything pertaining to their nature. This includes how contributions are made to the fund, to how investments are managed and reported.
As a trustee, it's your responsibility to ensure that your self managed super fund - SMSF complies with these rules. An accountant who specialises in SMSFs can help you navigate these rules and ensure that your fund remains compliant.
Benefits of Hiring an Accountant for a Self Managed Super Fund:
Better Management:
One of the key benefits of having an accountant for your self managed super fund - SMSF is that they can help you manage your fund's investments in accordance with the investment strategy you've established. This involves a number of objectives you may have.
For instance, they can help you ensure that your investments are diversified and aligned with your fund's investment objectives. An accountant can also help you keep track of your fund's performance. They also provide you with regular reports on how your investments are performing.
Streamlined Compliance:
Another important aspect of self managed super fund - SMSF accounting is the preparation of financial statements and tax returns. This includes IAS and GAAP reporting. An accountant can help you prepare these statements and returns in accordance with the relevant accounting standards, such as IAS 39.
They can also help you navigate the complex tax rules that apply to SMSFs and ensure that your fund is meeting its tax obligations.
It's worth noting that while it's not a legal requirement to have an accountant for your self managed super fund - SMSF, it's highly recommended. The Australian Taxation Office - ATO advises self managed super fund - SMSF trustees to seek professional advice. This can be from an accountant or financial adviser to ensure that their fund is being managed in accordance with the law.
Better Peace of Mind:
In addition to the legal and regulatory requirements, having an accountant can also provide you with peace of mind. Everything is managed by these accountants without you having to do anything. Knowing that your fund's financial affairs are being managed by a professional can help you feel confident that your retirement savings are being well looked after.
If you're a trustee of a self managed super fund - SMSF, it's highly recommended that you engage the services of an accountant who specialises in SMSFs in Melbourne. They can help you navigate the complex rules and regulations therein. These include those that apply to SMSFs and others.
If you're looking for an experienced self managed super fund - SMSF accountant, Oliluca is here to help. Contact us today to learn more about our NDIS, SMSF, XERO, and medical accounting services in Melbourne, Australia. We're here to help you with all your accounting needs 24/7!