Perth-based accountant and SMSF specialist Susan O’Connor has written an easy-to-understand e-book laying out information about SMSFs and the various steps involved for those just getting started on their SMSF journey.
Ms O’Connor, who runs a boutique business specialising in SMSFs and has twice been named Superannuation Specialist of the Year at the Australian Accounting Awards, decided to write the book based on demand from her clients.
“I saw that there was a real hunger for people wanting to take charge of their own financial futures by setting up an SMSF, but there was nothing out there to help support them through the process,” Ms O’Connor said.
“I’ve taken many clients through the process of setting up an SMSF and find that many become overwhelmed with the significant amount of information I’m required to share with them over a short period of time, just so they understand the basics.
Ms O’Connor said SMSF professionals often have to cram a lot of information into just a couple of meetings.
“It’s a lot to absorb and people often ask if there’s a book they can buy to help them understand everything,” she said.
Ms O’Connor said her book, SMSF Success: From Set-up to Thriving, is not meant to be a replacement for expert advice, but is a handbook to be used in conjunction with advice from a licensed SMSF expert.
“Expert advice remains essential, given the many legal obligations and requirements involved in setting up, maintaining, and winding up an SMSF,” she said.
“Throughout, I’ve noted points of the process where it’s essential that readers seek advice from a qualified, licensed SMSF specialist in order to make the best decision or meet their obligations.”
Ms O’Connor said that while setting up an SMSF could be an incredibly worthwhile exercise, it is full of potential pitfalls for the uninitiated or poorly advised. The superannuation laws are extremely complex and contravening them can have serious consequences and attract large penalties from the ATO.
“Particularly since the proliferation of online advertising and the explosion of cryptocurrency, I have seen so many clients who have set up an SMSF with no advice and with little information as to what [it entails],” she said.
