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Outsourcing SMSFs & How to Sell SMSFs to Your Clients

SMSF accounts continue to gain steam as a way for Australians to manage their own retirement-oriented funds. The Australian Tax Office’s year-end stats show that the Funds are also pushing age boundaries, appealing more and more to the younger set in their mid-30s. That means there is a lot of work to be picked up by your firm – but can you handle the sudden growth? If you’re not sure take a look at SMSF outsource solutions to see how they can work for you.

Selling SMSF to Your Client Base

First things first. How do you get your clients (and potential future clients) interested in SMSF accounts?

SMSFs give investors an amazing amount of control over how their retirement funds get invested. This means they are at the controls in the investments both from a purely financial perspective, and also in an ethical sense. If your clients don’t want their money going to companies whose practices they object to it’s as simple as saying “no.”

But now this is where your firm (and SMSF outsource solutions) comes in. First of all, any financial investment endeavour always benefits from some expert advice.

Second, there is tax work involved with SMSFs, just as there is with any other source of income. Your clients have you handle their tax-related affairs for all other sources of income, so this is just one more task to add to the list. You’re the firm that’s going to keep helping them get the most bang out of their bucks come tax season.

Third, SMSF taxation requirements are complicated. So your clients are going to need an expert to keep up with the ever-changing regulations. And so will you. SMSF outsource solutions helps you keep pace.

SMSF Outsource Benefits

SMSFs are still in their infancy. That’s reflected by the constant shifts in regulations as the government figures out how to shape the funds to everyone’s benefit.

It’s a lot to keep up with. Especially if your firm is A. handling a lot of other compliance work and B. putting time and effort into getting the word out that you’re ready to handle SMSFs.

But you’re in luck – your outsourced accountants are already up to speed and constantly updating their procedures to reflect real-time changes in SMSF rules. That means you don’t have to cram studying the regulations into your already busy schedule – your virtual team only requires you to collect the necessary data to get things started. Once you’ve collected the data for your SMSF outsource solutions workers they will:

  • Keep client records up-to-date and immediately accessible to you via cloud computing and SMSF software.
  • Help you and your client optimise their tax configuration.
  • Submit financial and member contribution statements and prepare the tax returns.
  • Prepare all the forms necessary for an independent audit (as required by law).
  • Keep you and you client up to speed on any changes in regulations.

That’s a lot of work and knowledge you don’t have to take a crash course in. SMSF outsource solutions allows you to spend more time with your clients (and potential clients), leaving you to get caught up on SMSF guidelines at your own speed.

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