An SMSF is a self-managed superannuation fund. It’s a way for you to manage your own superannuation (that’s Australian for retirement savings!) and take control of your future. The main advantage of an SMSF is that you can invest in whatever you want, including shares, property and other assets that aren’t usually available in company-sponsored super funds.
Get Help In Building Your SMSF
If you're a self-managed super fund (SMSF) trustee, you need to know that there are times when you might need help managing your fund. The good news is that there are ways of getting the support and guidance you need, without having to hire someone full time. Here's how:
- Get professional advice from an accountant or other financial adviser who has experience with SMSFs. They can help you identify where your superannuation is going wrong and suggest ways to fix it.
- Consider hiring an SMSF auditor or accountant to do regular checks on your fund's operations and financial records. You can find these professionals through the Australian Society of Superannuation Trustees' website.
Finding The Best SMSF auditor
Your SMSF auditor has many important tasks, including:
- The auditor is responsible for providing you with an explanation of what your SMSF is and how it works, as well as how to access and use the information about your fund.
- They are responsible for ensuring that your fund follows all relevant legal requirements, such as ensuring that you've got a trustee in place who can oversee the management of your fund and also conduct an smsf audit.
- The auditor is responsible for reviewing financial statements and other documents related to your SMSF's operations, including those relating to its investments; its insurance cover; any loans made by the fund; and so on.
What To Look For In An SMSF Auditor
First, make sure they have experience in auditing SMSFs. A good first step is to look at their website and see if they have any testimonials from clients who have used their services. If they do, great! You can contact some of these clients and ask them how satisfied they were with the service provided by your potential auditor.
It's also important that your auditor has experience with various types of SMSFs, including self-managed super funds run by small businesses or individuals. An auditor who is well versed in all facets of the operation will be able to provide you with a higher level of expertise and guidance as you manage your fund.
They should have a good understanding of the Australian superannuation system and the regulations surrounding it and have the ability to explain complex concepts in a way that you'll understand. It is also important that they have an understanding of different types of investments and how they might affect your fund's performance.
The auditor must be able to explain in detail your SMSF especially if you are one that is not too familiar with the jargons and how to properly manage your SMSF.