How can Geelong accountants help me with an SMSF?

Are you wondering whether accountants can give SMSF advice? Or hoping to find out what kind of self-managed fund help is available in Geelong?

Well, you've come to the right place. A recent CommBank study revealed that 46 per cent of people turn to an accountant when seeking SMSF guidance.

Let's take a look at what support an accounting firm can provide.

1. Analyse your current super funds

SMSFs are becoming popular with a growing number of people, but this type of fund isn't for everyone. Before setting up an SMSF, you should see how your current funds are performing with regards to your retirement objectives.

An accountant in Geelong can perform an analysis on your funds and determine the pros and cons of your current approach to super. They can then advise on whether or not an SMSF might be a suitable option.

2. Educate you on SMSF benefits and drawbacks

If you want to dig deeper into the specific advantages and disadvantages of setting up an SMSF, licensed accountants can provide you with everything you need to make an informed decision.

For example, SMSFs can provide much greater control over how you build your retirement pot through investments, but they also require you and other trustees to spend more time and effort managing the fund.

3. Fund establishment

More than 1 million people in the country are SMSF members, according to Australian Taxation Office figures. If you've weighed up the positives and negatives of setting up a fund and have decided to take the plunge, then WMC Accounting can assist you with establishment.

The process should be quick and painless, with relatively little administration work on your part. Once the correct forms have been filled out, your fund can be set up almost immediately.

4. Perform administration and compliance

You can also ask your accountant for self-managed fund help in Geelong if you need administration, taxation and compliance support.

In fact, the CommBank report found that 35 per cent of SMSF members who have a non-advised fund would like more help with tax and compliance issues. This is hardly surprising considering that trustees of SMSFs are personally responsible for complying with tax and super regulations.

Who can provide SMSF advice in Geelong?

WMC Accounting is a Corporate Authorised Representative No. 124 5401 of SMSF Advisers Network, which is an Australian Financial Services Licence (AFSL).

Since July last year, all accountants require AFSL licensing if they want to provide superannuation and SMSF advice.

Our dedicated SMSF advisory department can help you with all the services outlined in this article and more, so please get in touch today for more information.