SMSFs (Self-Managed Super Funds) are otherwise known as “Do It Yourself” (DIY) super funds. Just like other superannuation funds, SMSFs invest contributions made by members, offer benefits to members when they retire and offer death advantages to beneficiaries in the event of a member’s death.
The major difference between a SMSF and other kinds of superannuation funds is that the members of a SMSF are also the trustees, or directors of a corporate trustee. This means they’re required to prepare and institute an investment technique for their fund, accept contributions and handle the payment of benefits.
TSMSFs even provide a broader investment option than other super funds, with options like direct property, managed investments and direct shares included. The members of a SMSF have to appoint approved auditors, and may also choose to involve taxation agents, accountants and financial advisors and administrators. However, the greatest legal responsibility for the fund’s ongoing compliance rests with the individual trustees.
Tell Me Why I Need an Accountant
- Some people say that they save lots of money due to the fact that they do their own bookkeeping and prefer it that way, but if you’re not able to bring it to balance sheet level and you’re trying to do your own taxes, there is a fair chance that you will end up making an error. Good accountants see people paying huge fines because their ‘books’ were not order even though the client believed they were.
- On the money saving side of things an accountant could help make your administrative affairs run more smoothly and efficiently by assisting and advising on the implementation of internal systems and cost cutting as well as reviewing your business plan with you and suggesting relevant changes that suit the current market.
- It’s true that accountants require payment for their services but, considering what you gain in return, it’s a service worth paying for and technically, a good accountant should you save you enough money to pay for their own service! Think of your accountant as you very own piggy bank with the benefits being long terms savings and you’ll end up getting a lot more out of the relationship.s
- If you need accounting papers written from scratch you should feel free to contact us, for we provide original accounting papers to our customers.
- Lastly, and most importantly, a good accountant will save you money in the end and make sure that all your financial affairs are being taken care of..