Media: SMSF - You can't do it all yourself
https://tv.ato.gov.au/ato-tv/media?v=bd1bdiubfi6zodExternal Link (Duration: 03:05)
Why you should consider a professional
Running a self-managed super fund (SMSF) is a major responsibility. Consider using a professional to help you with various aspects of your fund.
When choosing a professional, make sure they are:
- qualified
- registered
- licensed
- right for your circumstances.
If you use a professional, you and the other trustees are still responsible for the SMSF.
SMSF auditors
Each year you must appoint an SMSF auditor. They will examine your SMSF's financial statements and make sure it has been complying with super laws.
Your auditor will then advise you and report to us if you have breached, or contravened, certain super laws.
Financial advisers
Financial advisers can:
- review your financial situation and personal circumstances to help you decide if an SMSF is right for you
- help you prepare, review and update your fund's investment strategy
- advise on the types of investments you can make and what is allowed under the law.
Licensed financial advisers are registered with the Australian Securities & Investment Commission (ASIC). ASIC provides information about choosing a financial adviserExternal Link.
Appointing a licensed financial adviser offers extra protection because you can lodge a complaintExternal Link if anything goes wrong.
Tax agents
Tax agent services can include:
- completing and lodging your SMSF annual return
- providing tax advice
- representing you in your dealings with us.
Check if your tax agent is registered at the Tax Practitioners BoardExternal Link.
Accountants
An accountant can help:
- set up SMSF financial systems
- prepare your fund’s accounts and operating statements once your SMSF has been set up.
Fund administrators
A fund administrator can help:
- set up the SMSF
- manage the day-to-day running of your fund
- meet fund reporting and administrative obligations.
Legal practitioners
A legal practitioner can:
- help prepare, review and update your SMSF's trust deed
- provide advice on whether certain actions are allowed under the law
- represent you in legal proceedings
- provide advice on the legal implications of personal situations such as divorce and trustee disputes.