Should You Go It Alone or Get an Accountant for Your Self Managed Super Funds?
Whether you should go it alone or get an accountant for your self-managed super funds (SMSF) is common among people considering setting up this type of account. On the one hand, you want to be in control of your investments and ensure your retirement is secured; on the other hand, you don't want to make costly mistakes that could compromise the success of your SMSF. So, how should you proceed?
Going It Alone
Going it alone means that you take full responsibility for all the administration and investment decisions of your SMSF. At the outset, this may seem like a good idea, especially if you feel that you have the necessary financial knowledge and skill set to make sound investments. However, managing your SMSF requires more than just the ability to buy and sell stocks. It means staying up to date with legislation, tax laws and accounting regulations. Unless you have a deep understanding of these areas, you may find yourself making costly mistakes that could jeopardise your financial future.
Getting an Accountant
Getting an accountant to manage your SMSF can help ease the burden of administration and investment decision-making. An accountant can manage all aspects of your SMSF, including taxation, audits and financial reporting. It also ensures that your fund is compliant with the Australian Taxation Office (ATO) rules and regulations. Additionally, an experienced accountant can also provide financial advice on how to make sound investments that align with your retirement goals while also keeping risks to a minimum.
Pros of Hiring an Accountant
One of the benefits of hiring an accountant is that you can rest assured that your SMSF is being managed by someone who is an expert in accounting and taxation. This helps minimise the risk of making costly mistakes that could lead to your SMSF being penalised by the ATO. An accountant can also provide you with guidance on the types of investments that best align with your SMSF's goals, which is particularly useful if you're not experienced in investing.
What to Do Now
The decision to go it alone or hire an accountant to manage your SMSF depends on your personal circumstances and the level of knowledge you have regarding investment and accounting matters. If you lack experience and knowledge and want to ensure that your SMSF is being managed by someone who is an expert in the field, hiring an accountant may be the best option for you. Ultimately, the decision rests on the individual and their unique circumstances and goals. So, why not reach out to an accountant today to see how they can help in your particular circumstances?
For more info about self-managed super funds, contact a local professional.
Share