Self-managed super funds (SMSFs) are becoming increasingly popular in Australia as they offer more control and flexibility over retirement savings. However, managing an SMSF can be complex and time-consuming, which is why many people turn to accountants for help. In this article, we’ll explore whether an SMSF needs an accountant and what services they can provide.
Table of Contents
- Does an accountant need a financial license to set up an SMSF?
- What is a Statement of Advice and when is it required?
- What ongoing support can non-financial licensed accountants provide?
- Can an accountant prepare an SMSF’s financial statements?
- How much does an accountant cost for SMSF services?
- What are the benefits of using an accountant for an SMSF?
Does an accountant need a financial license to set up an SMSF?
Yes, to be able to set up an SMSF an accountant must hold a financial license. This is because an SMSF is a financial product and falls under the Australian Securities and Investments Commission’s (ASIC) regulatory framework. The accountant must also be registered with ASIC as an SMSF auditor if they provide audit services for the fund.
What is a Statement of Advice and when is it required?
A Statement of Advice (SoA) is a document that outlines the advice given to a client and the basis for that advice. It is required when an accountant provides financial advice to a client about setting up an SMSF. The SoA must be provided to the client before any financial product is recommended or implemented.
What ongoing support can non-financial licensed accountants provide?
While non-financial licensed accountants cannot provide financial advice, they can give ongoing support to SMSF trustees. This includes:
- Preparation of the fund’s financial statements
- Lodgment of the fund’s annual tax return
- Advice on compliance with superannuation laws and regulations
- Assistance with the administration of the fund
Can an accountant prepare an SMSF’s financial statements?
Yes, an accountant can prepare an SMSF’s financial statements. This includes the statement of financial position, statement of comprehensive income, and statement of changes in equity. The accountant must ensure that the financial statements comply with accounting standards and superannuation laws and regulations.
How much does an accountant cost for SMSF services?
The cost of using an accountant for SMSF services can vary depending on the complexity of the fund and the services required. Some accountants may charge a flat fee, while others may charge an hourly rate. It’s important to get a quote upfront and clarify what services are included in the fee.
What are the benefits of using an accountant for an SMSF?
Using an accountant for an SMSF can provide the following benefits:
- Expertise in superannuation laws and regulations
- Assurance that the fund is compliant with regulatory requirements
- Time-saving and convenience
- Access to professional advice and support
- Peace of mind knowing that the fund is being managed effectively
Overall, while it’s not a legal requirement to use an accountant for an SMSF, it can be highly beneficial. An accountant can provide valuable advice and support to ensure that the fund is managed effectively and compliantly.