Running a Self-Managed Superannuation Fund (SMSF) can be rewarding, but it also comes with complex compliance and investment responsibilities. To navigate this highly regulated environment, many SMSF trustees rely on two key professionals: SMSF accountants and financial planners. While their roles often overlap, they serve distinct purposes.
In this guide, we’ll break down the differences between an SMSF accountant and a financial planner, their licensing requirements, and how they work together to help you manage your SMSF effectively.
What Does an SMSF Accountant Do?
An SMSF accountant specializes in SMSF compliance, administration, and tax obligations. Their primary role is to ensure your fund meets all legal requirements under the SIS Act and ATO regulations. Key responsibilities include:
- Preparing SMSF financial statements and tax returns
- Managing SMSF audits and liaising with auditors
- Tracking contribution caps to avoid excess penalties
- Reporting pensions, commutations, and rollovers to the ATO
- Lodging Business Activity Statements (BAS) and PAYG obligations
- Assisting with SMSF setup, wind-up, and trustee changes
- Providing tax planning advice (but not investment advice)
- Managing limited recourse borrowing arrangements (LRBAs)
An SMSF accountant ensures your fund remains compliant but does not advise on investments—that’s where a financial planner comes in.
What Does a Financial Planner Do?
A financial planner (or financial adviser) focuses on investment strategy, retirement planning, and wealth growth for your SMSF. Their role includes:
- Developing an SMSF investment strategy tailored to your goals
- Recommending diversified investments (shares, property, ETFs, etc.)
- Advising on contribution strategies (concessional vs. non-concessional)
- Structuring pension withdrawals for tax efficiency
- Reviewing insurance needs (life, TPD, or income protection inside SMSF)
- Assisting with death benefit nominations and estate planning
Unlike an SMSF accountant, a financial planner must hold an Australian Financial Services License (AFSL) and provide a Statement of Advice (SOA) before making investment recommendations.
Key Differences Between an SMSF Accountant and a Financial Planner
| Aspect | SMSF Accountant | Financial Planner |
| Primary Role | Compliance & tax | Investment strategy |
| Advice Type | Compliance-focused | Personal financial |
| Licensing | Accounting degree + SMSF accreditation | AFSL (ASIC-regulated) |
| Can Recommend Investments? | No | Yes |
| Handles SMSF Audits? | Yes | No |
| Assists with Contributions? | Explains caps | Recommends strategies |
Who Needs Which Professional?
- If you need help with tax, audits, or compliance → Choose an SMSF accountant.
- If you need investment advice or retirement planning → Work with a financial planner.
- For full SMSF management, many trustees use both professionals for seamless compliance and growth.
Licensing & Qualifications
SMSF Accountant Requirements
- Accounting degree + CA/CPA accreditation
- SMSF Specialist Advisor (SSA) certification (optional but valuable)
- Must follow ATO & SIS Act regulations
Financial Planner Requirements
- AFSL license (or authorization under an AFS licensee)
- Approved degree + professional year + adviser exam
- Must comply with FASEA Code of Ethics
Do You Need Both for Your SMSF?
While an SMSF accountant is essential for compliance, a financial planner is optional—but highly recommended if you want:
✔ Optimized investment returns
✔ Tax-efficient pension strategies
✔ Professional risk management
Many SMSF services providers (like us!) collaborate with financial planners to offer end-to-end SMSF management, ensuring your fund is compliant, tax-effective, and growth-focused.
Need Expert SMSF Help?
Whether you require SMSF accounting, audits, administration, or tax return services, our team of SMSF specialists is here to help. We ensure your fund meets all ATO requirements while maximizing your retirement savings.
