Do You Need An SMSF Accountant In Perth?

What Is An SMSF Accountant?

An SMSF accountant is an individual who is responsible for taking charge of all production-related activities. Those activities include preparation, assessing financial statements and reviewing them. They also help in delivering quality and professional accounting outcomes.

Responsibilities Of The Position

Responsibilities of an SMSF accountant –

  • Preparing, reviewing and analysing financial statements as well as taxation summaries. 
  • Considering and implementing taxation planning to reduce tax
  • Interacting with clients and advising them if there are technical problems 
  • Building and maintaining a relationship with clients
  • Working with a team of accountants and taking care of workflow

Qualities And Behaviour Of An SMSF Accountant 

The following attributes and behaviour is needed from an SMSF Accountant Perth

  • A mature and precise communicator
  • Can present themselves in a professional manner
  • Committed to the success of a team
  • Giving attention to small details
  • Good interpersonal skills
  • Can coach several people
  • Can follow and maintain deadlines

Qualifications And Experience 

  • Must hold a degree in Bachelor of Business Accounting
  • Two years of experience working in public practice
  • Experienced in SMF work both individuals and businesses
  • Need to be knowledgeable about tax systems 

When One May Or May Not Need An SMSF Account

Having an SMSF accountant depends on the fund’s investment plans. If the fund has a straightforward investment strategy with normal assets, then one may manage the software to administer SMSF on their own. A good SMSF management software is needed, and the rules and regulations should be known. 

The CBF and SMSF association refer to those who take full control of their SMSF as the ‘controller’. Those who have a good level of control in their management and investment decision process can take control of SMSF. They are people who have good confidence in their skills.  

But when a fund has a difficult investment strategy with difficult assets, one may need to pay an SMSF accountant to ensure the SMSF audit and tax return is administered properly. When a fund has not been set up and does not know how to establish an SMSF, then the help of an SMSF accountant will be of benefit. 

It is unnecessary to hand over all the control to an SMSF accountant; one can choose to be a self-directed investor and take some management advice. They can also outsource some of the tasks of SMSF accountants, or they could rely on an SMSF accountant to do all the work. 

Role Of An SMSF Accountant

The role of an SMSF accountant depends on the owner; they could play a very small role in the SMSF tax return or control most of the work. SMSF accountants can help a person in several areas, such as establishing a fund, administering that and others. Some of the roles played by an SMSF accountant-

  • Setting up an SMSF

An SMSF accountant can handle all the important set-up works such as appointing trustees, establishing a trustee structure, giving applications for ABN, registering funds and creating a bank account of the fund. 

  • Establishing an investment strategy

Having an SMSF accountant is to have more control over the SMSF. But one needs to invest if they keep an SMSF accountant. The accountant can form an investment strategy to ensure one has the proper assets to fulfil retirement goals. 

  • Reducing taxes and minimising fees

SMSF accountants have the experience and skills to give the best outcome for reducing tax and increasing SMSF. The task is to reduce tasks once money is drawn from the funds. 

Need Of A Traditional SMSF Accountant

If a fund invests in direct real estate or securities not listed, then having an SMSF accountant is the best option. However, only a small number of people invest in these things.  

Services Offered By An SMSF Accountant 

  • Accounting services

This service includes preparing the financial statements of the superannuation fund. Accounting software such as Supervisor or BGL is needed for preparing a fund. An SMSF accountant is prepared with the knowledge of accounting applications for superannuation funds. An accountant may not need to follow all the rules of the market. The client would also need the accountant to draft necessary minutes, members’ statements, and yearly return, which is now along with the income tax return. 

All these are involved only once a year; the accountant usually prepares quarterly accounts. 

  • Financial work

The financial advisor could be the same person providing functions for accounting and administering. The advisor must be licensed under the FSRA and could advise the trustees on their SMSF work. They could also draft the fund’s investment strategy, make investment recommendations, prepare investment documentation, and provide monitory services. 

Clients have to agree with charging for providing services based on a time cost or commissions. The fee that is agreed upon will be determined based on the services provided by the service provider. The accounting profession encourages its members to charge money based on service or fee. 

  • Administration services

If a tax accountant Perth is not the administrator of a fund, they can play a valuable role in liaising between the trustees and accountants of the fund. The administrator will normally facilitate the redemption and purchase of fund investments, and the administrator will also hold the chequebook of the fund. The APRA regulated funds are usually designated roles that involve maintenance of the records of members. 

  • Trustee services

An accountant usually does not perform the role of a trustee unless it is a SAF fund. However, if the fund is not SAF, the trustee or accountant would need to be a fund member. It is not likely that an accountant will work the role of a trustee in the case of an SMSF.

Hire The Best SMSF Accountants

While it is true that an accountant is not a major requirement, still their services can benefit clients in their strategy and administration works. SMSF needs a lot of time and conformity, and unless one knows the rules/regulations associated with it, hiring a tax agent in Perth is a good option. A good SMSF accountant can help the client gain benefit and make the most of their SMSFs.  

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