SMSF Professionals and Individuals To Work With To Make It A Success
Some call Self-managed Super Funds as ‘do it yourself super’ or ‘DYI funds’. They give members more control of the funds but doing it all by yourself is not possible.
To meet the obligations of the fund you need to work with some people and SMSF professionals. This include:
The members and trustees. Most funds have at least two members and trustees. These people are responsible for the management of the fund, so working together closely is necessary. The members and trustees are also responsible for the consequences of decisions made and should pay penalties if something goes wrong with the fund even if you did not make the decision yourself. Relationship breakdowns can potentially have a damaging effect on the fund.
Self-managed Super Fund Independent auditor. An independent SMSF auditor registered with ASIC needs to audit your funds each year. Any issues that the auditor finds will be given to you through a qualified audit report which you need to act on to resolve the issues.
Qualified Actuary. The qualified actuary will provide you with an actuarial certificate that will help you work out the amount of tax benefits available to your SMSF when it is paying an income stream.
Independent Valuer. A need to value your assets at market value each year is necessary. And only an independent valuer can do this. There are valuation guidelines on the ATO website.
Administrator. These SMSF professionals will be in charge of managing the day-to-day activities of your SMSF. It might save you time to have an administrator but it is still your responsibility to manage the fund.
Accountant. To prepare financial accounts and statements and meet accounting standards, an accountant is the best person to do the job. All accounts and statements should be prepared each year before the SMSF is audited.
Tax agent. These SMSF professionals is in charge of lodging the SMSF annual return.
Financial Planner or Investment Manager. A consultation with a financial planner regarding wealth or estate planning may be a good idea if you want to plan ahead. An investment manager will, on the other hand, help you choose and monitor your fund investments.
Superannuation, tax or legal specialist. These people are needed if you have complex SMSF situations that you are facing.
To manage your SMSF well, you need help from SMSF professionals but you will still be solely responsible for the final results of your fund.
Kingston Knight Audit are the Auditor Melbourne experts to contact when dealing with your trust account audit, SMSF Audit, financial statement audit, and internal audit requirements. Contact us today, Kingston & Knight Audit offers a free telephone consultation to establish how we can best help you achieve the assurance and compliance you require.