The self-managed super fund (SMSF) is a great way to ensure that even after retirement, you continue to live a comfortable life. The key is to accumulate as many funds as possible in your early years so that you can live in peace in your sunset years.
To ensure that you make no mistake and that your future is guarded, it is best to work with an accountant. An accountant can help you with your SMSFs in ways you may never have imagined. Here’s how:
1. An Accountant Helps Plan Fund Targets
The SMSF fund should be treated just like any other investment. This means that contributions to the fund must be made consistently. They should be stable, and as personal income increases, contributions should also increase.
An accountant can make sure that your SMSF is being maintained by forming targets depending on your income. He can calculate the amount that needs to be saved up every month and every year and ensure that this money is reaching the SMSF. Moreover, an accountant can guide you on the necessary changes that need to be made to your savings from time to time.
2. An Accountant Helps Maximise Contributions
To ensure that your retirement period is stress-free and comfortable, your accountant will urge you to maximise your SMSFs. While allowing your employer to make contributions every month is one way to manage the SMSFs, you can also forego some bits of your pre-tax salary. This way, the employer can put the amount directly into your funds.
Moreover, after taxes have been cut, you can also directly contribute to the self-managed super fund account. Remember, any extra effort will only result in maximum fund targets, so what are you waiting for?
3. An Accountant Will Know Which Government Resources to Tap Into
It is no secret that your accountant has greater knowledge than you about government resources. This means that he can ensure that low-income super contributions and co-contributions can be taken advantage of.
Low-income super contributions are given to those who do not earn too much, while co-contributions can be obtained when you put your contributions into the fund after taxes have been cut. Based on the area you live in, your accountant can ensure that you gain access to both these funds.
4. An Accountant Will Help You Invest the Funds
The best thing about hiring an accountant to manage your SMSFs is that he will help invest your money into different investments. He can advise you to invest your savings in established investment funds or use a self-managed fund to make direct investments.
Of course, your decision is based on how many funds you have collected and how willing you are to take risks. If you invest wisely, your SMSFs can grow significantly, promising a bright retirement period.