The SMSF usually works as on autonomy. But as they are run by four trustees who are also the members of the fund. So they usually need expert help from an accountant to oversee their financial and accounting operations. This does not usually happen that members can become an accountant of their own, so the external help will always be hired to look after accounts of SMSF. The role of SMSF accountant is diversified and they usually see every aspect of SMSF operation. The SMSF accountant can be said as the consultant for SMSF trustee, as they are involved in every aspect of the business. The tasks performed by the SMSF accountant are:
- Accounting Services: The SMSF accountants in Melbourne will be preparing the financial statement for the fund. They should know accounting standards. These accountants can do this job on an assignment basis also, it means they may not be a permanent employee. They can also be associated with SMSF as accounts consultant to oversee and document all the activities
- Administrative Services: The accountant in SMSF is not the fund administrator but they help in liaison between fund trustee and accountant. They support in purchase activities and also in the release of funds, as they have cheque books or financial instrument with them. But the accountant doesn’t have an opinion about where to use the finances and how to use the finances, their job is just to look after administrative duties.
- Advisory Services: This is one of the most important tasks of an accountant. As they are knowledgeable about the standard and the rules of accounting. They can suggest their client about better investment, also they can propose what to be good for investment. But they can just be recommended not to force their client to go with their suggestion, the investment decision will need to be made by trustees of SMSF. This rule can be said as of financial planner, they can share the opportunity where the fund can invest the money for a better return, also they can anticipate the events in the market that can help the trustee of funds to get the advantage of market trend
- Audit Services: This is the most crucial thing for what the accountant has to prepare the SMSF. Government bodies will be auditing SMSF on a regular or annual basis and they will always be very keen to look into activities of SMSF. The accountant needs to keep all the statements, documentation and records as per compliance, so there should not be any irregularities or something gets missing. Because if there will be anything missed out then can raise suspicion that can lead to severe surveillance or may cause some legal implication. So the accountant will also have an eye of an auditor that will be supervising all the activities as per the legal framework.