To maximise the returns and achieve the best outcome for your self-managed super fund, hiring a superannuation accountant who can help you with your unique needs and requirements is essential.
There has been a considerable growth in SMSF assets across Australia as more and more people are looking to set up their super fund to ensure a comfortable retirement. However, most Australians don’t have the expertise to make the most out of their SMSF.
This is where the expertise of a superannuation accountant comes in handy. Here are some reasons why it is important to hire accounting services for your super fund.
Handle The Legwork
A self-managed superannuation fund requires you to manage the fund and do all the work yourself. Now, this can be daunting for someone with limited knowledge of accounting concepts and how superannuation works.
A specialist superannuation accountant can handle all the legwork because they have extensive knowledge of everything related to super. They can guide you in every aspect of managing the day-to-day requirements of your fund and ensure you’re doing the right thing.
Compliance
Superannuation accountants stay updated with the latest changes in the law and can promptly respond to these changes when necessary. They will ensure that your SMSF complies with the latest rules and regulations. They will help you legally reduce your tax bills and ensure that you don’t violate the stringent superannuation laws.
Audits
When preparing your annual SMSF tax returns, it’s important to audit your paperwork to ensure everything is correct. A superannuation accountant will audit all your SMSF tax-related paperwork, help prepare fund accounts, and undergo asset valuation to ensure your SMSF is safe and secure.
More Time For Yourself
It is quite likely that you will find it difficult to take care of all the superannuation requirements yourself. SMSF requires time and dedication, and it can be hard to dedicate time to your super fund when you’re busy with other important things in your life.
This is one of the major reasons people hire a superannuation accountant to handle the legwork and administrative side of things. While you’d still be in control of the final investment decisions and how your money is handled, you wouldn’t have to worry about the rigorous demands of SMSF and the time-consuming work involved in handling your superannuation.
If you’re considering setting up an SMSF, hiring an expert accountant that provides specialist SMSF accounting services is highly recommended.
How Can Ace Biz Help?
Ace Biz provides professional accounting services in NSW to individuals and businesses of all sizes. Our experienced professionals will handle all aspects of your superannuation and ensure that you maximise your returns effectively. We provide comprehensive accounting and tax planning, business advisory, bookkeeping, financial reporting services, and more in NSW. Get in touch with us now to learn more about how our services can help you grow your business.
