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4 things to look for in a compliance provider


Your ideal provider will depend on your fund and the other experts you already have on your team.

The rules and regulations governing SMSFs run to thousands of pages, with complex technical updates issued every year. So how can you meet your compliance obligations without devoting your life to paperwork? It could be time to find an expert.

Most of us start SMSFs because we want to take control of our investments. So it can come as a shock to learn that an SMSF trustee’s life is as much about meticulous compliance as inspired investing. Here’s an (incomplete) list of the where the rules your SMSF needs to follow will be listed:

Remember too, that super laws can and do change frequently. Miss an important change, and you risk being non-compliant.

None of this means that you can’t take care of compliance yourself, especially if you have a relatively simple fund. Nonetheless, faced with this level of complexity, many SMSF trustees choose to get help from an SMSF administrator or compliance provider.

So what does a compliance provider do, and how do you choose one?

What is a compliance provider?

A compliance provider can be an accountant, a financial adviser or a specialist SMSF administrator. While different providers can offer slightly different services, they all take care of the time-consuming but vital tasks required to keep your fund compliant — freeing you up to focus on the interesting part of managing and choosing your investments.

A good SMSF compliance provider can help you by:

 

Working with an SMSF administrator

Choosing the right compliance provider

Your ideal provider will depend on your fund and the other experts you already have on your team. But here are four key characteristics to look for:

About the author
David Busoli, National Manager of SMSF Education at AMP SMSF
Taking your SMSF to the next level
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