If you're not sure whether an SMSF is right for you, or would like some help setting up or running your fund, there are professionals who can provide advice or guidance. These include:
- A financial or investment adviser, who can recommend whether an SMSF is right for you, and help you prepare, implement and review your fund's investment strategy
- An accountant and/or registered tax agent, who can look after your fund's record keeping and reporting requirements, and provide taxation advice. Please note that an accountant cannot recommend you establish or wind up an SMSF unless he or she is licensed to provide financial advice in this area.
- A fund administrator, who can help you establish and look after the day-to-day running of your fund, including tax and compliance obligations, and
- An auditor, who must be appointed to sign off on your fund each year to the Regulator.
- You may also consider engaging a specialist lawyer, who can provide you with an appropriate trust deed and governing rules for your fund, and advise you on other legal matters if your situation is complex.
Many SMSF trustees now use a professional SMSF administration service to establish their SMSF (including the trust deed and binding death benefit nominations), look after their fund's compliance and tax obligations and arrange their annual audit. This can be a cost effective way of ensuring all your obligations are met.
Find out more about our SMSF Establishment Service, including trust deed preparation from Heffron SMSF Solutions.