In case you are planning to set up SMSF or you are new to the world of SMSF, you will have one question on your mind. Do you need an SMSF accountant? Of course, it is essential that you ask this question from qualified accounting firms but here is some advice that you should heed.
While it is not a requirement to have an SMSF accountant Brisbane, you will benefit from having one. However, you should also understand the SMSF accountant’s role and whether you have the in-house talent to fill the role or you would like to take up the mantle yourself.
When Do You Need an SMSF Accountant?
As stated earlier, you do not always need an SMSF account but it all depends on the investment plan of your fund. If you have a simple investment strategy and the assets are equally simple, you will be able to manage the fund yourself, use the fund accountants, and not falter with your taxes. However, it is prudent to note that when you use an SMSF software, make sure you not only have an excellent management software but you are also aware of all the rules and regulations.
If you do not have the confidence to control and manage your investment and make the necessary decisions, you should think of hiring an SMSF accountant. You also need such an accountant if your fund investment strategy is complex. That will ensure that the SMSF is properly administered.
You can speak to your financial planner Wellington Point to understand in-depth how an SMSF accountant operates. Remember, you do not have to hand over the control of the fund to the accountant. You can get advice from them about your investment strategy and still control your fund.
Role of an SMSF Accountant
You define the role of your SMSF accountant. You can give the accountant entire control of your fund and investment strategy or consult them for advice. The accountant can also help you establish the fund if you do not know how to go about it.
The accountant will devise your investment strategy so that you can easily reach your retirement goals. Of course, your goals should be set with the help of an experienced and qualified financial planner Victoria Point.
The accountant will also administer your fund. Besides preparing financial statements for you, the accountant will also be in charge of preparing the relevant documentation for the authorities and members, preparing and filing the annual taxes, and following the rules and regulations.
In Conclusion
Based on this information, you can decide if you need an SMSF accountant or not when you want to establish your fund.