You can become an SMSF Accountant! Jacqueline Hodges April 21, 2018 Accounting, Linden Blog, School of Finance Being an SMSF Accountant SMSF stands for Self Managed Superannuation Fund, which is a type of superannuation fund run by the members for themselves. Being an SMSF Accountant involves more than just counting the money and preparing reports. SMSF accountants learn quite a lot about the SMSF law, SMSF Tax, investments and retirement planning. Being an SMSF accountant involves dealing with a number of other professionals which may include: a financial planner, a registered SMSF auditor, a lawyer, a registered valuer, or actuary. Who the SMSF accountant deals with each year will depend on the transactions in the fund. SMSF Accounting services SMSF Accountants prepare the superannuation fund’s financial statements, typically using specialist accounting software such as BGL or Class. The financial report must be prepared with knowledge of the Australian Accounting Standard. The standard applicable to superannuation funds is AAS25: Financial Reporting by. Superannuation Plans. Although an SMSF, is not a reporting entity, and only needs to comply with the section relating to asset valuations at market. The SMSF accountant also prepares relevant minutes, members’ statements and the Annual Tax Return. Often this is completed once-in-the-year, however with the advent of online SMSF accounting software, it is now easier to be a pro-active accountant and prepare the financials on a more regular basis. This could be daily, weekly, monthly or quarterly depending on the size of the SMSF and the trustees needs. Caution SMSF advisers, including accountants must understand ASIC regulation RG146. Because an SMSF is a financial product, an SMSF accountant is limited to providing only accounting and taxation services. Note: the SMSF Accountant cannot make any recommendations on the investment process, although there are exceptions. Benefits of becoming an SMSF Accountant Being an SMSF Accounting is an interesting and rewarding career choice. You get to understand a lot about the various investments and deal with different professionals than you would normally. How to become an SMSF Accountant Linden College offers a specialist stream of FNS40615: Certificate IV in Accounting (SMSF). To find out more, contact the college on 1300 228 338 or email firstname.lastname@example.org. Click here to find out more about our FNS40615: Certificate IV in Accounting (SMSF) Accounting,Become a SMSF Accountant,Investing,smsf,Tax Jacqueline Hodges Jacqueline Hodges is Head of the Department of Finance and has many years of experience as an academic writer and trainer. Jacqueline is a Chartered Accountant, a registered Tax Agent and Financial Planner. Post navigation ← Staying Healthy While Studying Accounting Career Under the Microscope → Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website This site uses Akismet to reduce spam. Learn how your comment data is processed.