Ever wondered how your super works for you and want to take more control? If you have a self-managed super fund (SMSF)—or are thinking about starting one—you’re probably doing it for good reason: more choice, more flexibility, and the chance to grow your retirement savings your way. And with the benefits of an SMSF, it’s well worth the effort.
However, with that control comes a fair bit of admin, compliance rules, and the pressure of getting things right, especially when tax benefits and retirement planning are on the line. That’s where an SMSF accountant can help you make the most of your fund.
But what does an SMSF accountant do, how can they help, and is hiring one worth it? Let’s explore.
What Does an SMSF Accountant Do?
SMSF accountants do much more than crunch numbers. They handle the behind-the-scenes financial and compliance tasks, from administration to meeting tax responsibilities, to keep your fund legally sound and running smoothly.
If you’re starting from scratch, they’ll guide you through setting up your SMSF, choosing the right trustee structure to register your fund with the ATO and helping establish your trust deed.
Once your fund is up and running, their role shifts to an ongoing one. This means tracking your bank transactions, reconciling investment data, and keeping your recordings organised. Many accountants use cloud-based software and digital tools for real-time bookkeeping. To give you a clear picture of how your super is performing, they’ll also prepare your fund’s annual financial statements, including balance sheets and profit and loss statements.
At tax time, your SMSF accountant handles your annual return, lodging it correctly and on time. This should cover income tax, member contributions, and regulatory information. They’ll also manage your annual audit, which is legally required before lodging any returns.
Throughout their service, they’ll also help you understand your contribution limits, keep your fund’s pension and accumulation accounts accurate, and ensure you meet your legal responsibilities as a trustee.
Benefits of Hiring SMSF Accountants
If you’re familiar with investment structures and legal regulations, managing your own fund might come naturally. However, working with an experienced SMSF accountant can save you time, money, and the headache of dealing with compliance restrictions. The benefits of hiring SMSF accountants include:
Ensuring Your Fund Is Compliant
The ATO has strict reporting and operational rules for SMSFs. Compliant funds are taxed at 15%, but late lodgements, incorrect reporting, or non-compliance can result in penalties and a 45% tax rate on your fund income.
Your SMSF accountant ensures your fund stays on the right track—lodging on time, preparing for audits, and flagging issues before they become problematic so you keep more of your returns.
Simplifying Complex Administration
Running your own fund can be overwhelming. With investment tracking, pension phase reporting, and contribution caps to monitor, you can leave the heavy lifting to a professional. They’ll also have experience using bank feeds and cloud software to keep records organised and updated in real time. That means no scrambling at tax time and no guessing if your fund is audit-ready.
Maximising Your Tax Efficiency
Your SMSF accountant can spot opportunities to lower tax liability through claiming deductions, timing contributions, or managing the pension phase. This ensures you’re paying only what you need to and nothing more.
If you have a retirement goal in mind, working with an accountant and financial planner can help you make it a reality.
Getting Reliable Support in Key Moments
From starting a fund and receiving a rollover to initiating a pension or even closing your SMSF, your accountant will help you make the right moves at the right time.
Even if you already use SMSF software, the guidance of a knowledgeable accountant is irreplaceable. Rest assured knowing you have an expert guiding you through the paperwork, trustee resolutions, and reporting obligations. They’ll help you understand what’s required and what’s strategic, so you’re never stuck guessing.
Curious about switching providers? Learn how to change super funds smoothly and efficiently.
SMSF Tax Returns & Audit Prep
Every SMSF must lodge an annual tax return and undergo an independent audit. Your SMSF accountant ensures you meet two critical lodgement dates:
- 28 February for new funds in their first year
- 15 May for all other standard funds
Having an expert on your side can prevent costly mistakes. Your accountant will prepare financials, liaise with the external auditor, and finalise lodgement with the ATO. Missing these deadlines could lead to deregistration, where your fund won’t receive any contributions, or potentially trigger tax at the highest marginal rate of 45%.
Winding Up an SMSF
There may come a time when it’s appropriate to close your SMSF. The wind-up process can be emotional and complex, and an experienced SMSF accountant helps you wrap things up without errors or delays by:
- Reviewing your trust deed for the closure procedure.
- Helping all trustees agree and sign off.
- Coordinating asset sales.
- Finalising financials and tax returns.
- Lodging final reports and deregistration forms with the ATO and ASIC.
Keep in mind that this is a one-way process. Once closed, an SMSF cannot be reactivated, so getting this right is crucial.
Set Your Retirement Up Right
Managing your own super fund can be rewarding, giving you flexibility, control, and tax benefits, but only if it’s managed well. Working with an SMSF accountant gives you peace of mind that your fund is compliant, efficient, and aligned with your retirement goals.
Looking for expert SMSF accounting? Get in touch with the Spark Accountants team for tailored advice and ongoing support. Let’s ignite your savings and take the stress out of super.
