Tax time: do you really need an SMSF accountant?
More and more SMSF trustees are turning to technology for their SMSF administration, as opposed to traditional accountants. Why? Well since the very beginning of self managed super funds, accountants have been the go-to source for advice on set up and SMSF management. Even though that advice has always been quite limited, the regulatory changes that came into effect from 1 July 2016 have restricted accountants even more.
If you’re new to running an SMSF, your fund’s administration – and first tax return – can be a daunting process. There’s a lot of paperwork to keep track of – ideally something you manage during the year – and the dates for submitting your annual return can differ, depending on how old your fund is.
What does an SMSF accountant do?
Traditionally, an SMSF accountant deals with what has already happened in your SMSF. They typically take the paper trail of what you did in the previous financial year and form a coherent picture for tax and record keeping purposes.
They can also help with certain administrative tasks and lodging tax returns. Costs can vary depending on the level of advice – make sure they have an Australian Financial Services License (AFSL) – and often it will set you back around $2,000 to $4,000 each year. That’s money you would rather use for other things, right?
So, should you use a traditional SMSF accountant?
Maybe not, if your fund has a straightforward investment strategy
If you’ve set up a pretty straightforward investment plan and the assets you’ve chosen aren’t complex, it might not make sense to pay for the expertise of a traditional accountant. Technology offers a lot more now than it did even five years ago for managing your fund.
The future of SMSFs is heading towards high visibility of investments and technology platforms that will take the hassle out of SMSF administration. This is where Selfmade fits in. We can help maintain your SMSF while you get the professional financial advice you need separately.
You might still need a traditional SMSF accountant if you have a complex SMSF
If your fund invests in direct real estate or unlisted securities, for example, an accountant might be the best option. However, only a small percentage of SMSFs invests in these kinds of things.
Selfmade is like an accountant, but so much more
We’ve built a platform that is responsive, intuitive and technologically advanced, that also gets your SMSF administration and tax tasks done with ease.
Selfmade offers SMSF establishment from $950 (plus some government costs) and ongoing help for $990 annually (or starting at $82.50 per month) – including all the paperwork, help with tax returns and SMSF audits!
Ready to take control of your financial future? Get started with Selfmade today.