Although they are called Self-Managed Super Funds that doesn’t necessarily mean you have to do it all by yourself. In fact, you will need the support from other advisors and experts in the field at one point or another. But how do you know which ones you need, who is best for you and when you will need them?
There are really 6 key professionals that you may or will need at some point during the running of your super fund. These are:
- Fund Auditor – it is a legal requirement to have your fund audited by an approved auditor every year.
- Accountant and fund administrator – unless you can prepare your own financial statements and tax return (you will need to be a registered tax agent) then an accountant is required to prepare these documents for you. Some administrators restrict what your SMSF can invest in so check this out first
- SMSF Advisor – to advise on strategies relating to your super fund
- Investment Advisor – to potentially assist in the investments of your fund
- Insurance advisor – for assistance with the insurances within your super fund
- Legal professional – to assist in estate planning matters or asset transfers
Go to our website using the link below to review the responsibilities of running a SMSF https://yoursuperspecialist.com.au/resource-centre/documents-forms/
It is very important to do your homework. There are a lot of people out there professing to be experts but it is up to you to filter out those that really are. Find out how often they deal with SMSF’s, what their qualifications are and whether they are generally a good fit for you. Recent changes require those advising in the SMSF sector to have financial planning qualifications and an authorised licence. Ensure this is the case before acting on any SMSF advice you have received.
Sometimes it may suit you to get most of these services from one group or perhaps it is better that you spread it out. Every SMSF and their trustees are different so you need to think about what you need. Some advisors are linked to banks, insurance providers or other financial institutions so make sure you ask questions about them and whether their advice could be conflicted.
The trustees have a responsibility to the members to act in their best interests and ensure compliance with the regulations so make sure you are comfortable with your advisors before making any decisions. Here at Your Super Specialist we live and breathe SMSF’s. We are qualified to provide SMSF advice so if you are looking for assistance don’t hesitate to contact us here.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.