Why Do You Need an Accountant to Help You with Your Self-Managed Super-Funds?

As an Australian, there is one thing that you cannot ignore, and that is your retirement plan. With the increasing cost of living, it has become even more necessary to plan for your retirement. One of the best ways to do that is by setting up a self-managed superannuation fund, commonly referred to as an SMSF. However, getting the most out of your SMSF requires an accountant's input. Here are some reasons why you need an accountant to help in this situation. 

Expert Guidance

Setting up an SMSF might seem like a complicated and time-consuming process. An accountant can provide you with expert guidance on the legal process and tax obligations, among other technical investment strategies. In Australia, SMSFs are regulated by the Australian Taxation Office (ATO), and strict rules and regulations govern their operation. An accountant can help you navigate the rules and regulations and ensure that you comply at all times.

Professional Advice

Accountants are professionals who understand the financial industry. With their expert advice, you will be able to make informed investment decisions and maximise your SMSF's potential. Accountants understand the tax laws and will help you maximise your investment returns while keeping your tax payments to a minimum. They can also provide you with critical advice on asset protection, estate planning and many other important areas of financial planning.


Managing your own SMSF is a time-consuming process. You need to keep proper records, research investment opportunities and stay up-to-date with the latest regulations. By hiring an accountant, you can free up your time and focus on your other personal or business ventures. Your accountant will handle all the accounting and administration tasks, providing regular reports and maintaining accurate records.

Audit Compliance

Every year, SMSFs are required to undergo an independent audit by a registered auditor. Failing this audit can attract heavy penalties, including loss of tax concessions. An accountant can liaise with your fund's auditor and make sure your SMSF is fully compliant with all audit requirements. They can provide audit planning documents, financial statements and reports to the auditor on your behalf. 

Manage Risk

By investing via your SMSF, you expose your retirement savings to risks. An accountant can provide you with valuable advice on how to manage risk effectively. They can advise on finding a balanced investment strategy or help you diversify your fund's assets and provide various strategies for managing risk. They can also keep you updated on the latest investment trends, thereby enhancing your investment success.

What's Next?

Running an SMSF is a serious endeavour. Even with complete control and choice over your investments, it would be best to seek advice from professionals like accountants. So, get in touch with an experienced accountant to help you manage going forward.

To learn more about self-managed superannuation funds, reach out to a local service provider.