How to become an SMSF accountant?

How to become an SMSF accountant, step-by-step

An SMSF accountant is trained to handle one of the most regulated financial structures in Australia, the self-managed super fund. In this post you will learn how one becomes an SMSF accountant.

1. Start with the right qualification to become SMSF accountant

To become an SMSF accounting, you need a regular accounting degree, usually in accounting, commerce, or finance. This is your base. After this, you need one of these three professional certifications:

● CA (Chartered Accountant), from Chartered Accountants ANZ
● CPA (Certified Practising Accountant), from CPA Australia
● IPA (Institute of Public Accountants)

These certifications will give you your core skills in tax, financial reporting, compliance, and audit. These core skills are needed to become an SMSF accountant.

2. Work in general accounting first before becoming SMSF accountant

To become an SMSF accountant, you first need to know how everyday accounting works. This includes

● Preparing tax returns
● Drafting financial statements
● Understanding how businesses and individuals manage their money

Working in these fields gives you the needed knowledge to handle the extra compliance conditions and regulations that an SMSF demands.

3. Get SMSF-specific training

This is where your SMSF-related training begins. An SMSF follows unique rules under the SIS Act. You will need to understand

● How contributions work in an SMSF
● What is allowed under ATO regulations
● How pension phases and tax benefits apply

To learn these, you can take SMSF-focused courses from places like

● CPA Australia SMSF Specialist Program
● The SMSF Association (SMSFA)

In these programs you will learn the ins and outs of fund setup, recordkeeping, and the multiple dos and dont’s that make you a special accountant for managing super-innovation funds.

4. Learn the audit and investment rules

Every SMSF must be audited yearly. You dont have to be an auditor yourself to become an SMSF accountant, but you need to prepare all the financials so that the audit is done properly.

You will also need to understand how SMSFs hold different types of investments:

● Direct property
● Shares
● Managed funds
● Unit trusts

Each asset group has its own reporting needs, and your job is to record and present them properly.

5. Get hands-on experience

This is absolutely necessary. Start working under someone who already handles SMSF work. You should learn how to

● Prepare SMSF Annual Returns (SARs)
● Track contributions and pension setups
● Maintain compliance records for trustees

As it happens with every profession, you will only get comfortable with SMSF accounting by actually working in the trenches.

6. Consider getting certified as an SMSF Specialist on your path to becoming an SMSF accountant

Once you have gained the experience and confidence, you can aim for the SMSF Specialist Advisor designation from the SMSF Association. This advanced knowledge can give your career a significant boost. But this is optional.

The path to becoming an SMSF accountant isn’t quick, but it’s quite straightforward. First you become a general accountant. You study, train, and gain experience as a general accountant. Once you know enough, you can transition into becoming an SMSF accountant.