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Self-managed super funds (SMSFs) continue to gain traction across Australia, with over 600,000 funds in operation and more than 1.1 million members, according to ATO statistics (Australian Taxation Office). But with that control comes significant compliance responsibility.
Choosing the right SMSF accountant is essential for ensuring that your fund remains compliant and cost-efficient (ASIC Moneysmart). As legislation evolves and the ATO increases audit scrutiny, working with a specialist is more important than ever.
What Does an SMSF Accountant Actually Do?
An SMSF accountant handles a range of critical functions that keep your fund compliant, efficient, and on track. But unlike a general accountant, they work within the specific legal framework of the Superannuation Industry (Supervision) Act 1993, often in collaboration with licensed financial advisers and auditors.
At a minimum, your SMSF accountant prepares the annual financial statements, member statements, and SMSF annual return. They liaise with your SMSF auditor to complete the mandatory audit and ensure all records are in order. A good SMSF accountant will also help you manage fund contributions, pensions, and asset valuations — which are vital for tax and compliance accuracy.
Some SMSF accountants go a step further, offering proactive advice on fund structuring, investment strategies, and trustee obligations. While this level of advice may require an Australian Financial Services (AFS) licence, many firms now operate with licensed financial planners or collaborate with SMSF administrators to offer holistic services.
If your SMSF includes a Limited Recourse Borrowing Arrangement (LRBA), real property, or international assets, a specialist SMSF accountant becomes even more valuable. These scenarios add complexity to your fund, and navigating them without the right support could result in costly compliance errors.
For a detailed breakdown of SMSF structures and asset options, visit our SMSF Services page.
Key Factors to Consider When Choosing an SMSF Accountant
1. Qualifications and Professional Memberships
Ensure that your SMSF accountant is a registered tax agent with the Tax Practitioners Board and ideally a member of a recognised body such as CPA Australia, Chartered Accountants ANZ, or the Institute of Public Accountants. These credentials reflect professional standards and ongoing development.
Membership in SMSF-specific associations like the SMSF Association is another positive sign. It indicates a commitment to staying current with best practices, legislative updates, and the unique intricacies of SMSF rules.
2. SMSF Specialisation
Not all accountants are created equal — and SMSFs require specialised expertise. You want someone who works with SMSFs day in and day out, not just once a year. Ask how many SMSFs they manage, how familiar they are with contribution caps, LRBA rules, and pension phase transitions.
Specialist SMSF accountants can also help guide you through structural decisions — such as when to transition a member from accumulation to pension phase or how to handle death benefits tax-effectively.
3. Technology and Transparency
Modern SMSF accountants use cloud-based platforms like Class Super, BGL360, or SuperMate to provide real-time reporting and automation. These tools allow for greater transparency and access, enabling trustees to view fund performance and compliance metrics on demand.
Make sure your accountant offers a secure online client portal or app. This helps with the seamless upload of documents, faster communication, and better data accuracy — all of which save time and reduce risk.
To learn more about choosing tech-forward professionals, see our article on digital transformation in accounting.
What a Good SMSF Accountant Will Never Do
While many accountants offer SMSF services, not all are equipped to handle the compliance load or strategic demands of a self-managed fund. A red flag is any accountant who takes a “set and forget” approach — preparing your tax return once a year without advising on legislative changes or your specific fund goals.
Be wary of bundled service providers who offer financial advice, audit, and tax prep under one roof without the required licensing or independence. Remember, SMSF audits must be conducted by an independent auditor. If your accountant is also conducting your audit, that’s a breach of independence standards.
It’s also a concern if your accountant can’t explain key SMSF concepts to you in plain English. As the trustee, you’re ultimately responsible for your fund. A good accountant empowers you with knowledge, rather than hiding behind jargon.
Finally, avoid accountants who charge hourly with no clear scope or who won’t offer fixed fees for SMSF accounting work. You deserve transparency and consistency, not billing surprises at the end of the financial year.
The Cost of Getting It Wrong
Hiring the wrong SMSF accountant can lead to costly errors, including non-compliance with contribution caps, incorrectly reported tax returns, misclassified pension payments, and failure to meet audit deadlines. These mistakes could result in ATO penalties, fund disqualification, or worse — the loss of concessional tax treatment.
In 2024 alone, the ATO took action against over 14,000 SMSFs for compliance breaches. Most of these breaches could have been avoided with proper oversight and timely reporting by an experienced accountant.
Moreover, if your accountant fails to lodge your annual return on time, your fund may be flagged as non-compliant, and your concessional tax rate (15%) could jump to 45%. This has major implications for your retirement savings.
To reduce risk, it’s wise to engage professionals who provide tax planning and compliance services all year round — not just during tax season.
Questions to Ask a Prospective SMSF Accountant
Before committing to an SMSF accountant, ask:
- How many SMSFs do you currently manage?
- Are you a registered tax agent and member of a professional body?
- Do you use Class Super, BGL360, or other SMSF software?
- How do you stay informed of changes to SMSF law?
- What is your fee structure? Are there fixed fees for standard services?
- Do you work with independent auditors?
- Can you assist with transition to pension phase, contributions caps, or LRBA compliance?
Their answers will reveal their experience, tech stack, and how proactive they are in servicing SMSFs.
Why Location Matters: Choosing a Perth-Based SMSF Accountant
While remote accounting services are common, there’s a strong case for choosing a Perth-based SMSF accountant. Local professionals are familiar with WA property trends, court rulings on SMSFs and family law, and may have better relationships with local auditors and legal firms.
Face-to-face consultations can also be valuable for discussing fund strategy or reviewing year-end reports. If your SMSF holds commercial property in WA or involves complex structures such as a family trust, local expertise becomes even more critical.
We work with many clients across Perth to deliver tailored business advisory and SMSF solutions that are relevant to local laws and markets.
Internal Services That Complement SMSF Accounting
A well-managed SMSF strategy doesn’t exist in isolation. It often requires advice on:
- Structuring your business and SMSF to reduce tax
- Setting up a corporate trustee for asset protection
- Succession planning
- Asset protection through trusts and insurance
At Insight Advisory Group, we integrate SMSF services with broader business and tax advisory, giving you peace of mind and holistic support.
FAQ: SMSF Accountant Questions for 2025
Q1: Do I need a licensed financial planner in addition to an SMSF accountant?
Yes, your SMSF accountant can’t provide financial product advice unless they hold an AFS licence. It’s best to work with an accountant who partners with or is licensed alongside a financial planner.
Q2: Can my accountant also do my SMSF audit?
No. The auditor must be completely independent of your SMSF accountant. This is required by law and monitored closely by the ATO.
Q3: How much should I expect to pay an SMSF accountant in 2025?
Fees range from $1,800 to $3,000 per year for compliance services. If you require structuring, strategic tax advice, or LRBA support, costs may be higher — but fixed fee packages offer predictability.
Q4: How do I switch SMSF accountants?
You’ll need to inform your current accountant, authorise a release of information, and appoint a new accountant to take over. It’s a straightforward process when handled by professionals.
Q5: What if I make a mistake as an SMSF trustee?
Your accountant can help you report the breach to the ATO under a voluntary disclosure. Early action can help reduce penalties.
Conclusion
Choosing the right SMSF accountant in 2025 is a strategic move that protects your retirement savings, ensures compliance, and gives you the confidence to make smarter decisions as a trustee. Whether you’re new to SMSFs or ready to upgrade your support, look for experience, transparency, SMSF focus, and local knowledge.
At Insight Advisory Group, our Perth-based accountants specialise in SMSFs and are backed by decades of experience, integrated services, and real-time reporting technology. We don’t just keep your fund compliant — we help it thrive.
Ready to speak with a local expert? Explore our SMSF Services or contact us for a free consultation.
