Are you a Filipino accountant looking for a career that offers financial security and the opportunity to work with Australian clients?
There’s a rising demand for self-managed super fund or SMSF accountants, who work with Australian SMSF service providers to help more Australians achieve retirement confidence.
What’s an SMSF? It’s one of several types of super funds, which are retirement savings accounts in the Australian financial system.
In the Philippines, when we think of retirement, what usually comes to mind are the pensions we expect to draw from the Social Security System or the Government Service Insurance System. Banks also offer retirement accounts, while insurance companies have annuities.
Saving for a comfortable retirement
In a webinar in July 2024 for TOA Global accountants, Helene explained the three pillars of Australia’s retirement income system:
- Government-funded age pension.
- Compulsory super guarantee from one’s employer, set at 11.5% of earnings as of July 1, 2024.
- Voluntary savings.
An SMSF is a private super fund set up by its members, who usually serve as the fund’s trustees. Other Australian super funds—corporate, industry, public sector, and retail super funds—are required to have a trustee who must operate independently of its members.
“In every other type of super fund, someone else is responsible for running the fund. So why do people have SMSFs? One reason is investment flexibility,” Helene said.
“SMSFs can make investments that most other funds cannot make. For example, SMSFs can buy commercial property and lease it back to the members for use in their business.
Get paid to train in SMSF accounting
Highly informative and value-packed webinars like the one Helene led form part of the learning and development opportunities at TOA Global.
Like all the technical, software, and success skills courses provided to our accountants, bookkeepers, and corporate professionals, these learning opportunities are meant to fuel career and personal growth.
TOA Global runs a seven-week training program where participants learn about the Australian SMSF industry. All you need to qualify are an accounting degree and at least two years of accounting or bookkeeping work experience.
And you get paid while taking the course, after which you’ll be introduced to prospective clients.
Aside from being highly in demand, SMSF Accountants benefit from greater financial literacy and an increased earning potential.
Informed guidance from SMSF accounting practitioners
- What rules must these funds meet.
- What these super funds can invest in.
- How super contributions and income are taxed.
- What information and advice all SMSF members need.
- Who is authorized to give them that advice.
As an SMSF Accountant in TOA Global, you will enjoy complimentary access to technical, software and success skill courses that will help you advance your career, through our TOA Learning Pathways.
In addition to SMSF Foundations, you will also have access to essential modules from the FNS40222 Certificate IV in Accounting and Bookkeeping program, as well as commercial and tax law for tax agents.
You will learn from industry experts and educators like Helene, so you’ll be up to date on changes in super and SMSF regulations, for example.
“Often, the first mistake you can make in super is to jump into the Income Tax Assessment Act to work out if the client is going to get a tax deduction for those super contributions or how a particular contribution might be taxed,” Helene said at the webinar.
“But, importantly, the first step is to refer to the SIS Act (Superannuation Industry Supervision Act) to check and see if the actual contribution is allowed in the first place and if that transaction is allowed to happen.”
It’s important to remember, Helene advises, that some professionals may be limited in the kind of advice they can give you, unless they are a licensed financial advisor with specialist SMSF knowledge.
Launch your SMSF accounting career with TOA Global
- Process SMSF data up to the trial balance stage.
- Reconcile investments and investment income.
- Reconcile contributions, expenses, taxes, and pensions.
- Prepare SMSF financial statements and associated workpapers.
- Prepare SMSF income tax and regulatory returns.
Along the way, you’ll empower yourself with knowledge on tax, estate planning, and retirement strategies, which you can apply to your own retirement planning as well.
Andrew Galang, an SMSF Accountant who celebrated his ninth year in TOA Global in August 2024, now leads a team that works for a firm in Melbourne. Check out Andrew’s story here.
If you’re curious about our available career opportunities in SMSF or accounting, audit, bookkeeping, or tax, explore our open roles here.
