What is an SMSF Specialist Service?
The number of Self-Managed Superannuation Funds (SMSFs) has increased over the years as a result of their associated advantages.
In its most basic form, an SMSF is designed to give individuals greater control over their investment strategy, better protect their assets, lower or limit their administration costs and reap greater tax benefits.
As appealing as this might seem, running an SMSF can be quite a challenge given the complicated nature of the legal guidelines designed to regulate their operations.
SMSFs are managed by trustees, who bear the responsibility of running the fund properly.
These trustees usually need the assistance of auditors, accountants, solicitors and financial planners to properly run their funds.
This is where the need for SMSF specialist services arises.
What Is an SMSF Specialist Service?
This service is offered by highly qualified professionals who have years of experience in matters relating to the running of Self-Managed Superannuation Funds, for SMSF trustees.
As previously stated, SMSFs are subjected to stringent administrative guidelines requiring the preparation and maintenance of detailed accounting records, the preparation and filing of accurate tax returns, provision of financial statements and the undertaking of an independent audit.
To be more specific, SMSF specialist services can help trustees establish and manage their fund by assisting them with the following:
- Fund Setup: Choosing the members and trustees and creating the trust deed
- Processing and recording transactions
- Managing the fund
- Coming up with an investment strategy
- Establishing pensions and document processing
- Member benefit payment processing
- Processing the addition/removal of members/trustees
- Preparing and filing annual financial statements and tax returns
- Managing the annual SMSF audit
To satisfy all these requirements SMSF trustees must work with various professionals on the above-mentioned areas.
Since many of these professionals label themselves as SMSF specialist, it is up to the trustees to find the most qualified and experienced service that can help them meet all their obligations.
Choosing The Right SMSF Specialist Service
From the above, it is plain to see that SMSF specialist services offer a wide variety of services.
Some service providers offer all of the above services under one roof, while others specialise in one or more areas.
It is up to the trustees to find the right service provider to ensure that they get quality services.
When it comes to choosing the right service, trustees should first start by conducting some research.
This means finding out whether the professionals under consideration have the necessary qualifications and experience to offer high-quality professional services/advice.
For instance, with regard to audit management, the law now requires that the chosen auditor be registered under ASIC.
The right specialist service should also have a long list of SMSF clients using their services. This demonstrates their industry experience.
It is worth mentioning that the highest recognised qualification for an SMSF specialist advisor involves passing the SSA (SMSF Specialist Advisor) exam provided under the SMSF Association.
Professionals who pass this exam demonstrate their knowledge and skills in relation to fund set up, industry standards, contribution and investment guidelines, payment of benefits, taxation of the fund as well as the process of winding up funds.
Summary
Even though the term Self-Managed Superannuation Funds points to a do-it-yourself set up where individuals are in charge of their own super fund, this is not entirely the case.
Trustees who are in charge of running these funds need the services of highly qualified and experienced professionals, working under SMSF Specialist services, to satisfy their administrative responsibilities.
In the event that the SMSF receives poor advice, the trustee is still held liable for any resulting violation of their administrative responsibilities.
As such, it is important that they do their very best to choose the right SMSF Specialist service.
If you are looking to establish a Self Managed Super Fund, or need to have your Self Managed Super Fund audited, then look no further than SMSF Pro.
SMSF Pro has years of expertise in the Self Managed Super Fund arena and is able to conduct quick and independent SMSF audits for a flat fee.
Please call us today on 1300 023 374 or message us through our website https://smsf-auditor.com.au/contact/ for all your Self Managed Super Fund requirements.
