Managing the professionals to assist you with your SMSF is an important function of being an SMSF trustee. Let’s be honest…you can’t do it all!! It is therefore equally important to understand which professionals can assist you in the different areas of your SMSF. At Accura Accounting & Advisory we provide SMSF advisory, audit and accounting services so we can help our clients in all aspects of managing an SMSF. Let’s explain each function and how they can help you with your SMSF.
An SMSF advisor, accountant and auditor will assist you throughout the lifetime of your SMSF. The below outlines where each type of professional can assist you and when.
An SMSF Advisor is a professional (with an advisor licence) qualified to provide specific SMSF advice suited to your individual needs. These include the following areas of advice:
• Statement of Advice to determine if an SMSF is right for you
• Guidance on the implementation of your SMSF setup
• Advice regarding rollovers and contributions (including re-contribution strategies and in-specie contributions)
• Pension commencements and transition to retirement strategies
• Advice regarding limited recourse borrowing arrangements
• Advice regarding winding up your super fund when the time is right
• Other specialised advice to suit your SMSF needs
An SMSF Advisor can provide tax advice in relation to the above if they are qualified to do so or communicate with your existing tax accountant if you prefer.
Your SMSF accountant is an accountant with an understanding of the requirements of an SMSF including your reporting obligations. These include:
• Preparation and lodgement of your super fund tax returns
• Preparation of your annual financial statements
• Preparation of your member statements
• Provide guidance and prepare other required documents such as minutes and s290 notices
• Lodgement of your TBAR reports if required
• Preparation of pension commencement minutes when required
• Preparation and lodgement of your quarterly or annual PAYG and GST returns
• ABN and TFN applications where required
Your SMSF Accountant (if separate from your SMSF advisor) can work with other professionals to accommodate your needs.
An SMSF Auditor is a professional with an auditing licence to audit SMSF’s. Some of the tasks your auditor perform include:
• Reviewing your annual financial statements
• Provide you with your annual audit report (required by legislation)
• Prepare and provide you with your audit management letter
• Advise on any potential breaches of the SIS Act
• Lodge any auditor contravention reports that may be required
Your SMSF Auditor will likely communicate with your SMSF accountant when clarification of transactions and documents is required. Keep in mind, your SMSF accountant and auditor cannot be the same individual.
As you can see, although there is a lot to consider, the right professionals are there to help you with your SMSF. This will allow you to have more time to focus on your goals for your retirement future. To get in touch with a professional that can assist with all of the above contact us here.