SMSF Accountants Melbourne​

An SMSF Accountants is the one who specialise in superannuation accounting and has the in-depth knowledge of the industry rules and regulations. Their role is not only to prepare accounts and tax return but also to help clients in the administration tasks of the superfund in a timely and professional manner. Unlike traditional accountants the SMSF Accountants have expertise in the SMSF field and are tech experts to use the SMSF professional software’s for Superannuation accounting and tax return work.

SMSF accountants must be a registered tax agent if they lodge the SMSF tax return on your behalf to the tax office. Unlike traditional accountants who help you to prepare and lodge SMSF tax return they might have lack to knowledge of the SMSF taxations laws that apply to self managed super funds. It’s vital to find an expert SMSF accountant who can help you with the administration of the fund that is for your retirement. Some points to look for when looking for services of an SMSF accountant are as below:

• Their experience in the SMSF field
• Their qualification for the Superannuation industry
• Which software they use for accounts and tax return preparation
• Their fee structure and services covered
• Membership of the professional body
• Are they easily reachable to answer your SMSF accounting queries

Another thing to consider is if the work is done is Australia or its outsourced overseas as this will have impact on the quality of the work and privacy of the data. Also, if the work is done by an Australian based SMSF accountant it’s easy to approach and talk to them if you have any queries regarding the accounts and tax return prepared as on the other hand for overseas accountant it’s hard to speak and ask them questions.

Once SMSF accountant finalise accounts and tax preparation of the year, independent SMSF audit needs to be performed by an ASIC registered SMSF auditor to check the validity and their compliance with the Superannuation industry rules and regulations. You can work with your SMSF accountant to arrange the audit of the fund or you can arrange the audit directly. Once the audit is completed by the auditor you need to provide the SMSF audit report to the SMSF accountant who can then lodge the tax return with the tax department.