• Consider appointing professionals to help you

    An SMSF is a complex undertaking and you can't do it all yourself.

    Each year you'll need to appoint an approved SMSF auditor to audit your fund.

    You can also engage other SMSF professionals, such as accountants and financial advisers, to help you set up and run your fund.

    • An accountant can help prepare your fund’s accounts and its annual financial position and operating statements.
    • A tax agent can complete and lodge your SMSF annual return, provide tax advice and represent you in your dealings with us. You can check if your tax agent is registeredExternal Link at the Tax Practitioners Board.
    • A fund administrator can help you manage the day-to-day running of your fund and meet your reporting and administrative obligations.
    • A legal practitioner can prepare and update your fund’s trust deed.
    • A financial adviser can help you prepare an investment strategy and advise you about the different types of investment and insurance products. The ASIC website has information about choosing a financial adviserExternal Link.

    If you use an SMSF professional to help you set up your fund, you're still responsible for making sure it's done correctly.

    Watch

     

    Duration 3:05. A transcript of SMSF – You can't do it all yourself is also available.

    End of watch

    Many SMSF professionals also offer packages or kits. If you buy a package or kit, make sure the trust deed complies with the current law and is specific to your fund, its objectives and the members’ circumstances.

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    Last modified: 16 Jun 2015QC 23309