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Self-managed super: why you NEED an SMSF accountant in Melbourne

Published On: January 10, 2020Categories: Accounting

Can your personal accountant set up your self-managed super fund? More importantly, should your SMSF be handed out to someone else? It’s a self managed fund, after all – giving it to someone else defeats the point somewhat!

If you ask us, the answer to both of those questions is a resounding “yes!”

Just because it’s a self-managed superannuation fund, doesn’t mean you have to go it on your own. In fact, it’s the only way to ensure that you retire with the largest possible super balance.

Don’t be left with a low super balance – engage one of our SMSF accountants in Melbourne today to see how we can set you up for life.

Why you need an SMSF accountant

There are many benefits to a self-managed super fund:

  • Greater control over your finances
  • Flexibility in your investments
  • Several benefits for your overall tax position

However, it also comes with considerable complexity as well.

Simply put, superannuation laws are complicated. There are countless rules, regulations, exceptions, tax obligations and more – unless you have a background in finance or accounting yourself, it’s unlikely you’ll know all of this.

Sure, it’s possible to learn – but can you afford the inevitable mistakes that come with the learning process? Your retirement is on the line, after all!

If you ask us, it’s just not worth diving straight in.

To ensure that your super is looked after, it’s crucial that you engage an SMSF accountant in Melbourne to look after your fund for you.

All too often, people with self-managed funds end up earning less than they would if they used a retail or industry fund – in some cases, they even lose money!

An SMSF accountant will…

Set up your fund for you

One of the benefits of going with a retail or industry super fund is that everything is looked after for you. Setting your super up is as simple as entering your details on the online form and waiting a couple of days.

SMSF is an entirely different beast. You’ll need to:

  • Choose a trustee structure
  • Appoint trustees
  • Create the trust and trust deed
  • Register your fund
  • Apply for an ABN
  • Create a new bank account for your fund

And all of this before you even start building your investment portfolio and strategy!

Since you’re on your own, you will be the one responsible for all these essential setup tasks – a lot of work for one person.

An SMSF accountant is specialised in all things superannuation. In addition to managing your fund on a day-to-day basis, they can also our SMSF accountants can also help you navigate the mountain of work that comes with setting up.

Additionally, there are many cases where self-managed super simply isn’t appropriate for your needs.

According to ASIC, a SMSF may not be appropriate if you:

  • Have a super balance below $500,000
  • Lack investing experience
  • Don’t have the time to get hands-on with their super

Our SMSF accountants in Melbourne can help you determine whether or not a self-managed fund is right for your circumstances, helping you avoid an expensive mistake!

SMSF accountant Melbourne

Look after the nitty-gritty details

Something you don’t see if you use an industry or retail fund is the amount of work that goes into administering your superannuation.

Looking after these tasks is important – however, it’s also time-consuming.

You’re a busy person – you aren’t retired just yet!

Struggling to find time to look after your super? That’s what we’re here for.

An SMSF accountant can look after the administration of your super – while you’ll still have the final call over where your money goes, you won’t have to worry about all the busy work that comes with your superannuation.

Provide qualified advice

We accountants do much more than just crunch numbers. Using our wealth of experience, we ensure that you get the best possible outcome – one that maximises your gains and minimises losses, expenses and tax paid.

It’s this expert advice that separates us from, say, bookkeepers – while they supply the data we use, they don’t tell you how to use them. We do!

In addition to providing advice regarding your business accounting or your personal finances, our SMSF accountants in Melbourne provide objective and real advice.

Our team keeps up with the latest developments in superannuation laws (of which there are many, as any follower of politics knows). By keeping on top of these for you, we help you respond quickly to changes in the regulatory environment.

More importantly, we will provide advice on which investments and strategies are going to get you the best result with your super.

Need an SMSF accountant in Melbourne for your super needs?

Simply put, yes!

If you want the best possible outcome from your SMSF, you need a professional on your side.

Whether you only need someone to provide occasional advice, or a professional who will  look after all the administration tasks that superannuation comes with, our SMSF accountants in Melbourne are up to the task.

Our SMSF services and accountants are committed to getting you the best possible outcome. Our goal is simple: to get you where you want to be, whether you’re planning on retiring next year or in another 20. Your super is in good hands with us!

Contact our team today – give our SMSF accountants a call on (03) 9589 5488, or click here to request an appointment.

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