Why You Should Use SMSF Accountants For Your Retirement Savings

tax accountant

Given the nature of Australia’s real estate and the ever-rising costs of living in one of Australia’s major cities (e.g. Sydney or Melbourne), it’s no wonder why so many Australians are forced to delay their retirement to well past the stipulated age of 65. It can be very difficult to get ahead and proactively save for your retirement, especially without any formal assistance from professional consultants. Indeed, this is one of the main reasons why you should consider hiring a team of SMSF accountants to assist with growing your retirement savings. Not convinced? Well, check out some of the main reasons below.


What is an SMSF?

Before delving into the reasons why you need financial consulting to help maximise your retirement savings, you should learn about self-managed super funds. With the self-managed option, you have greater autonomy and control over where your money is invested. Naturally, this ensures that the investor has a deeper understanding and greater visibility over the movements of their investment and any noticeable changes.


They can help with your investment choices

SMSF accountants can help you explore the wide range of investment choices available. Indeed, you can access high-yielding cash portfolios, a plethora of share options, various term deposits, unlisted assets, income investments and direct property.


Better tax strategies

accountant using a calculator

As is generally the case, when it comes to tax time, it’s always best to have a group of SMSF accountants handling your retirement finances. Superannuation taxes have changed in recent years, with your super contributions coming under a 15% tax rate. Because this might be relatively lower than a personal marginal income tax rate, many Australians choose to put more of their savings into their super funds to reduce their tax burden.  With the help of SMSF accountants, you can develop a super portfolio that can help you grow your savings whilst minimising your tax threshold.


Lodging tax returns

If you are a trustee in a self-managed super fund, you are required to lodge an annual tax return with the Australian Taxation Office (ATO). The more your super funds grow, the more cost effective it will become. The total cost of running your investments will be predicated on a variety of factors. Hiring a reliable team of SMSF accountants to handle your portfolio is a great way of ensuring that your tax obligations are met, while minimising your ongoing costs.


Consolidate your assets

In addition, hiring SMSF accountants to handle your retirement finances will ensure that you can properly combine all your super assets. Indeed, you can combine your assets with up to three other people, such as family members or partners. Not only does this create a larger fund balance, it also increases the asset pool and expands the availability of investment opportunities. All of this off the back of only set of management fees – certainly a far more efficient and economical way to managing your financial retirement plan.


Flexible consultations

One of the great benefits of choosing a self-managed super fund option is the fact that advice can be provided on a flexible basis. Because your superannuation funds are long-term in nature, you don’t need consistent feedback on the investments are faring. Should massive changes occur in the industry, like what happened during the global financial crisis in 2008, then naturally more frequent consultations are required in order to protect your savings. This is why you need ongoing support and consideration from a reliable team of SMSF accountants, who genuinely care about your investments. Nonetheless, during periods of economic stability, your retirement funds can just sit in the background, slowly accruing interest on your investment, saving you money for the future. This way you’ll get to retire when you want and, more importantly, when you deserve to retire.



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