Creating a self-managed superannuation fund is an excellent way to help your employees plan for their retirement. It is a pension scheme similar to the one offered by the state, but you enrol the employees in your company in this case. Typically, you set the amount of money to be deducted from every employee.
When you properly strategise and manage the fund, it can help you reduce employee turnover and improve your business profile. However, you will need to hire a trained accountant to manage the fund professionally and accurately. Here are four roles the self-managed superannuation fund accountant plays:
They Choose the Best Trustee Structure
The first decision you have to make when setting up the fund is the ideal trustee structure. Funds involving one member have a different trustee structure from those with two or four members. A self-managed superannuation fund accountant will assess your business and help you decide whether you should get two to four individual trustees or one corporate trustee. They will choose the trustees who can carry out the responsibility diligently.
They Create the Trust and Its Deed
There are strict terms and conditions that the fund must meet to get approval from the financial regulatory institutions. An experienced accountant ensures that you have followed all the required procedures during the creation of the trust. The adherence to protocol speeds up the process of fund creation. It also minimises the possibility of non-compliance issues later on.
They Register the Fund
Registering a fund for your business or company is a delicate and complex process. It involves getting a business number, providing all the documentation, and ensuring that your business has met the standards stipulated by the law. If you manage other operations in your company, you might not have the time to keep up with the processes. You might also lack the necessary skills to carry out the procedure correctly. That is where a self-managed superannuation fund accountant comes in. Since they are versed in the registration process, they will ensure it runs smoothly and productively.
They Manage the Fund
Creating the fund is just the first part of the process. The second and most crucial part is managing the fund and its normal operations. The accountant acts as a strategist to help you scale the productivity of the fund.
Owing to the complexity of the self-managed superannuation fund, hiring an accountant is an invaluable idea. Hire a self-managed superannuation fund accountant to get the most out of the initiative.
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