Nobody wants financial insecurity when it comes time to retire. The earlier you give thought to your superannuation account structure, the faster your retirement savings grow. A self-managed superannuation fund is one where you take complete control of the investment decisions. It allows a broader choice of investments not made available by traditional commercial fund options. There are strict rules regarding self-managed superannuation funds, which may deter you from looking into this type of fund. However, with the proper professional assistance, there are many benefits to this type of fund too. Here are three reasons to engage a self-managed superannuation fund accountant if you chose this route.

Financial Statements

The Australian Taxation Office requires each self-managed superannuation fund to lodge a return annually. There are several reasons why you need a specialist accountant to assist you with this:

1. Different funds have different lodgement dates, and you do not want to miss your deadline;
2. An overdue lodgement risks losing regulation status, and continued delay results in losing regulation status completely;
3. the ATO levies fines for incomplete or incorrect financial statements.

A specialist accountant takes your information and produces correct and accurate financial returns that remove the chance of delayed returns and fines.

Annual Audit

Each year, the Australian Taxation Office requires an audit of your self-managed superannuation fund. Your accountant cannot do the audit. However, your accountant can provide the correct information an auditor needs to prepare their report. Have a self-managed superannuation fund accountant means there is no delay getting accurate details to the auditor.

Investment Advice

To clarify, your accountant cannot advise on what assets are a good fit for your funds. A financial advisor helps in this area. However, they can recommend what assets fit the self-managed superannuation funds rules. For example, if you choose to buy an investment property as a self-managed superannuation fund asset, neither you nor any other fund members can live in that property. There are specific rules regarding superannuation fund assets, and a specialist accountant knows these rules.

 A self-managed superannuation fund gives you the freedom to save for your retirement your way. There is greater flexibility in choosing the ways your money grows for your retirement years. A self-managed superannuation fund accountant makes sure that your fund carefully adheres to rules and regulations while you achieve that dream of financial freedom once your working life is complete.

If you are interested in superannuation funds, talk to an accountant in your area.