Making clients financially independent: The role of an SMSF accountant

The role of an SMSF accountant

Financial independence is a goal shared by many but achieved by few. It does not happen overnight and requires careful planning, research and dedication to reach the desired outcome.

But how do you go concerning it when you don’t have much understanding or experience with money management? SMSF accountants can provide the assistance you need to reach financial independence.

Here are the following roles of an SMSF accountant:

Monitoring your account

Keeping an eye on your SMSF account can be a hassle, but ensuring everything is in order is vital. Fortunately, this is where your SMSF accountants step in to help. They take the responsibility of monitoring your account seriously, so you don’t have to worry about navigating the labyrinth of regulations yourself.

Regular reviews of your financial statements and transactions help identify possible problems so they can be resolved quickly and without hassle. It ensures everything remains above board and compliant with the latest laws and regulations.

Preparing annual financial statements

When it comes to managing a Self-Managed Super Fund (SMSF), there are a lot of plates to juggle. Annual financial statements require your accountant’s attention. While the thought of dealing with financial statements may make your head spin, it’s something that needs to be accomplished to stay on the right side of the ATO.

They will work mightily to ensure that these statements align with generally accepted accounting principles to present an accurate snapshot of your finances. By working closely with your accountant and staying on top of this critical task, you can rest easy knowing your SMSF is in good hands.

Lodging annual tax returns

When managing your funds, there’s nothing more important than ensuring everything is in order with the ATO. One of the key responsibilities of this process is lodging your annual tax return. While it might seem like a daunting responsibility at first, it’s an essential part of maintaining your financial records and staying compliant with the necessary regulations.

It’s necessary to make sure you include all of the necessary information about your fund’s income and expenses. So that you can bypass any possible issues down the line. With a bit of focus and awareness of detail, you can ensure that everything is all sorted and ready to go come tax time.

Auditing your fund

It’s always a good concept to keep an eye on your finances, especially when managing your retirement funds. That’s why it’s important to have an SMSF accountant who can audit your fund annually. With their assistance, you can secure that your fund is meeting all the legal requirements and rules.

The auditor will go through your financial statements and transactions with a fine-tooth comb. It also makes sure that everything adds up correctly. They’ll send a report to the ATO after the audit, reassuring you that everything is in order.

Providing advice

Making sure your retirement fund is set up and growing correctly can seem overwhelming. Yet, there’s professional advice available. SMSF accountants can guide you through every step of the process. From the initial setup to ongoing management and growth strategies.

With their extensive wisdom and experience, they can keep you notified of any regulatory changes that may affect your fund. This provides peace of mind and providing your future is secure. Also, they can assist you in understanding the tax implications of your fund and offer advice on investments and asset allocations.

Conclusion

SMSF accountants can play a key role in helping you achieve financial independence. They can help to ensure that your fund is meeting all the legal requirements and regulations, as well as offering valuable advice regarding investments and asset allocations.

Professional advice will help you attain your goals and secure your financial future. So make sure you consider the above information and have an SMSF accountant on board to help you reach your goals.