m+a Accounting & Consultancy

How to Set up an SMSF Fund by Hiring a Tax Accountant

Self-managed superannuation funds (SMSFs) are an excellent way for businessmen and entrepreneurs to save for retirement. But setting up an SMSF can be complicated, especially if you’re unfamiliar with the process. That’s where hiring a tax accountant in Sydney comes in.

Tax accountants can help you set up your SMSF and ensure everything complies with government regulations. Hire a good tax accountant to help you out. 

Here are a few steps to help you set up an SMSF.

Who Can Help Me Set Up an SMSF?

There are a few different types of service providers who can help you set up an SMSF. These include:

• Financial Planners

Financial planners can help you with the overall financial planning of your SMSF. This includes helping you set investment goals, contributing to your SMSF and drawing income from your SMSF in retirement.

• Accountants

Sydney accountants can help you with the accounting and tax aspects of setting up and running your SMSF. This includes keeping track of your SMSF’s finances, preparing your SMSF’s tax returns and advising you on investment strategies.

• SMSF Administrators

SMSF administrators can help you with the administrative tasks involved in running your SMSF. This includes keeping track of member contributions and benefits, preparing financial statements and lodging annual returns.

• SMSF Trustees

SMSF trustees are responsible for managing the assets of your SMSF. This includes making investment decisions, ensuring compliance with super laws and keeping accurate records.

Each service provider has its own set of qualifications, skills and experience to help you set up and run your SMSF. Let’s take a closer look at the accountant’s role in setting up an SMSF.

 

Do You Need an Accountant for SMSF?

Although you are not required to have an SMSF accountant, it is recommended. An accountant can help you with the accounting and tax aspects of setting up your SMSF. This includes keeping track of your SMSF’s finances, preparing your SMSF’s tax returns and advising you on investment strategies.

An accountant can also help you with the administrative tasks involved in running your SMSF. This includes keeping track of member contributions and benefits, preparing financial statements and lodging annual returns.

If you are considering setting up an SMSF, it is a good idea to speak to an accountant to get their professional advice.

 

How Long Does It Take to Set up a Self-Managed Super Fund?

The time it takes to set up an SMSF will depend on your level of expertise and the level of support you are getting. However, setting up your SMSF should allow at least 4 to 6 weeks from beginning to end.

If you’re seeking professional help, ask your accountant or financial adviser how long they think the process will take. They’ll be able to provide you with a more accurate estimate based on your specific circumstances.

Once you’ve decided to go ahead with setting up an SMSF, there are a few key steps you’ll need to take:

  1. Choose a trustee structure—You’ll need to decide whether you want to be a single trustee or have multiple trustees. This decision will impact the way your SMSF is run and the responsibilities you’ll need to take on.
  2. Apply for an Australian Business Number (ABN) and register your SMSF—Once you’ve got your ABN, you can then register your SMSF with the ATO.
  3. Develop an investment strategy—Your SMSF’s investment strategy will determine how your fund will invest its money. This includes things like what types of assets you’ll invest in and how you’ll manage risk.
  4. Open a bank account—You’ll need to open a dedicated bank account for your SMSF. This account will manage the fund’s finances and make investments.
  5. Contribute money to your SMSF—You can make contributions to your SMSF from your savings or through salary sacrifice arrangements with your employer.
  6. Start investing—Once your SMSF is up and running, you can start investing in a wide range of assets. These include shares, property, cash and term deposits.
  7. Monitor your SMSF—Once your SMSF is up and running, you’ll need to keep an eye on how it’s performing. This includes things like reviewing your investment strategy and making sure you’re complying with the law.

 

You can get your SMSF up and running in a few short weeks by following these steps. Just be sure to allow yourself enough time to do things properly and seek professional help if you’re unsure about anything.

 

Do I Need a Financial Advisor to Manage My Super?

No, you are not legally required to have a financial advisor to manage your super. However, there are several good reasons why you might want to consider using one.

  1. Help you save time—One of the most significant advantages of using a financial advisor is that they can save you a lot of time. They can help you develop an investment strategy and choose suitable investments for your SMSF. This can free up your time to focus on other things, such as running your business or spending time with your family.
  2. Help you save money—Another advantage of using a financial advisor is that they can help you save money. They can do things like negotiating better deals on behalf of your SMSF and helping you to avoid making costly mistakes. This can save you a lot of money over the long term, which can be used to grow your SMSF even further.
  3. Provide peace of mind—A financial advisor can also provide you with peace of mind. They can help you feel confident that your SMSF is on the right track and that your money is well managed. This can be a great relief, especially if you’re not confident in managing your SMSF effectively.

How Malkoun & Associates Can Help You

Setting up an SMSF fund can be a daunting task. That’s why it’s essential to contact an accountant specialising in these funds. 

You can get the best financial advisor from Malkoun & Associates, a professional accountancy firm in NSW. We offer a comprehensive range of services, including tax, asset protection, estate and retirement planning.

We, at Malkoun & Associates, are committed to providing our clients with the highest level of service. We have a team of experienced and qualified financial advisors who can provide you with the best advice on managing your finances. We work closely with our clients to develop a financial plan that meets their specific needs and goals.

Contact us today for more information or to schedule a consultation!