How An Accountant Can Save Your Life

What Are the Benefits of Hiring an Accountant for Your Self-Managed Super Fund?

Self-managed super funds (SMSFs) are becoming a popular way to save for retirement. An SMSF is a fund you manage yourself as the trustee. While this offers greater control over your investments and more flexibility in managing your finances, it also requires a great deal of responsibility to ensure that you comply with the necessary regulations. One of the best ways to ensure that your SMSF is running smoothly is to hire an accountant who can help you manage your finances and keep you compliant with regulations. So, why is hiring an expert like this one of the smartest decisions you can make when it comes to managing your self-managed super funds?

Tax Advice & Preparation Assistance

One of the most important reasons to hire an accountant for your SMSF is their ability to provide tax advice and assistance with tax preparation. An experienced accountant will be able to help you navigate complex tax laws and regulations so that you can maximise deductions while avoiding costly penalties or fees. They can advise on how best to structure your investments and even assist with filing paperwork for any capital gains taxes due on investments sold throughout the year.

Audit Assistance

In order for your SMSF to remain compliant, it must undergo annual audits, which are required by law. An auditor will review your fund's financial statements for accuracy and compliance with regulations and then issue a report indicating whether or not everything is in order. An experienced accountant can assist with this process by helping prepare all relevant documents, providing guidance on any potential issues and representing you during the audit itself if needed.

Investment Guidance & Portfolio Management

Another important benefit of having an accountant manage your SMSF is their ability to offer sound investment guidance and portfolio management services. As they are already familiar with the ins and outs of investing, they will be able to help you develop an investment strategy tailored specifically to meet your goals while reducing risk as much as possible. They can also help monitor market conditions so that they can quickly react if needed in order to minimise losses or take advantage of opportunities when they arise.                         

What to Remember

Overall, hiring an accountant when managing a self-managed super fund provides numerous benefits that far outweigh the cost incurred from their services. Not only do they have experience navigating complex tax laws and regulations, but they can also offer sound investment guidance and portfolio management services tailored toward your needs and goals. So, if you want to bring in such an expert to help you with your SMSF, reach out to an experienced accountant today.