As an SMSF trustee you are responsible for the fund's administration and for having it audited each year. A self-managed fund is partly do-it-yourself, but some tasks need skills or time that most trustees don't have. That is why many trustees hand the accounts and administration to a qualified professional.
There are many ways to do this. Here are some tips to help you choose.
1. Start with what you need
The right choice depends on your expectations, your objectives and what your fund invests in. Find out what each provider specialises in before you decide.
2. Consider your own accountant
Your accountant already knows your business and personal affairs, which helps when they look after your fund too.
3. Keep it in one place
Having one firm handle the returns for your business, your personal affairs and your SMSF can save time and fees.
4. Look at online services
Online SMSF administration services are another option, and they are often cheaper. They tend to suit funds with straightforward investments.
5. Match the choice to your fund
If you want flexibility in what the fund invests in and how, an accountant is usually the better choice. If the fund holds standard investments, such as listed shares, managed funds, a property or cash, an online service may be enough. Either way, do your research first.
Whoever looks after the fund, the audit must be done by an independent, approved SMSF auditor.
If you're a trustee, ask your accountant or financial planner how they look after SMSFs.