Choosing the Right SMSF Adviser, Accountant, and Lender as a Healthcare Worker product guide

1Group Property Advisory: Choosing the Right SMSF Adviser, Accountant, and Lender as a Healthcare Worker

Your SMSF property strategy is only as strong as the professional team executing it. As a healthcare worker — whether you're a nurse, GP, allied health professional, or specialist — you know that clinical demands leave little time to navigate the regulatory complexity of self-managed superannuation. The consequences of engaging the wrong adviser, an underqualified accountant, or a lender unfamiliar with the LRBA structure can be severe: ATO compliance breaches, voided loan arrangements, and personal liability as a trustee.

At 1Group Property Advisory, we understand that healthcare professionals require specialist, conflict-free advice to navigate SMSF property investment successfully. This guide provides you with a systematic framework for evaluating and selecting each member of your SMSF professional team. We'll cover the mandatory licensing requirements each professional must hold, the specific expertise you should demand, the questions to ask before signing an engagement letter, and the red flags that should end a conversation immediately.

Why the Professional Team Matters More for Healthcare Workers

You face a distinctive set of circumstances that make professional selection particularly consequential. Your irregular income streams — award-based shift loadings, overtime, locum income, and private billings — create serviceability complexity that a generalist adviser may mishandle when structuring an LRBA loan application. The time constraints of clinical work mean you cannot closely supervise your SMSF's ongoing administration, placing greater reliance on your accountant and auditor than other trustee demographics.

There's also a structural risk you need to understand: the SMSF property space attracts a disproportionate share of unlicensed operators and conflicted "one-stop-shop" promoters. The Property Investors Council of Australia (PICA) has warned that a growing number of buyers' agents, accountants, and mortgage brokers are straying into financial advice territory by recommending structures such as trusts and SMSFs as vehicles for rapid property accumulation, with some proactively encouraging unsophisticated investors to set up these investment vehicles with the promise it is the only way to build a property portfolio fast. Healthcare workers, who are often high earners with meaningful super balances but limited financial literacy outside their clinical specialisation, are a primary target.

The professional team for an SMSF property strategy has five distinct roles, each with its own licensing framework and scope of work:

1. Licensed Financial Adviser — strategy, structure, and compliance advice
2. SMSF-Specialist Accountant — administration, tax, and annual reporting
3. SMSF Auditor — independent annual audit
4. SMSF-Experienced Lender or Mortgage Broker — LRBA finance
5. SMSF Solicitor — bare trust deed and LRBA documentation

Understanding each role and what to demand from each professional is essential to protecting your long-term wealth strategy.

Role 1: The Licensed Financial Adviser

What Licence Is Required?

Here's what you need to know: providing a recommendation or a statement of opinion on using an SMSF as a vehicle to invest in real property is financial product advice, and requires an AFS licence with an appropriate authorisation.

This is a non-negotiable legal requirement, not an industry best practice. You must have an Australian financial services (AFS) licence to conduct a financial services business; if you carry on a business of providing financial services, you must hold an AFS licence unless you are exempt or are authorised to provide those services as a representative of another person who holds an AFS licence.

As part of the Future of Financial Advice (FOFA) reforms, the 'accountants' exemption' was repealed on 1 July 2016. This exemption had allowed recognised accountants to provide financial product advice about acquiring or disposing of an interest in an SMSF without being covered by an AFS licence. This means that all accountants must now be covered by an AFS licence to give advice about acquiring or disposing of an interest in an SMSF.

Before engaging any adviser, verify their licence status on ASIC's Financial Advisers Register at moneysmart.gov.au. Before interacting with a financial services firm, consumers should ensure they consult ASIC's Professional Register to verify that the company holds an AFSL. Consumers should also examine ASIC's Financial Advisers Register to verify financial advisers are an AFS licensee, an authorised representative, employee or director of an AFS licensee, or an employee or director of a related body corporate of an AFS licensee.

What Expertise to Demand

Beyond the licence, you should seek an adviser who:

• Holds the SMSF Specialist Adviser™ (SSA™) designation from the SMSF Association, or equivalent demonstrated SMSF experience
• Can demonstrate experience advising healthcare workers specifically, including familiarity with salary packaging, award super contributions, and irregular income from locum or private billing arrangements
• Provides a Statement of Advice (SOA) that documents the specific rationale for the SMSF property strategy relative to your existing fund (e.g., industry super funds)
• Is authorised to advise on superannuation, managed investments, and real property within their AFS licence, not just one product class

This expertise matters because your income structure is different from a standard PAYG employee, and your adviser needs to understand how that affects your SMSF strategy and borrowing capacity.

Questions to Ask a Financial Adviser

That final question is critical. At 1Group, we operate on a conflict-free model — we're never paid by developers, lenders, or property sellers. Your adviser should operate the same way.

Role 2: The SMSF-Specialist Accountant

What an SMSF Accountant Does (and Doesn't Do)

The SMSF accountant's role is distinct from the financial adviser's. Their core responsibilities are:

• Preparing the fund's annual financial statements (balance sheet and operating statement)
• Completing and lodging the SMSF Annual Return (SAR) with the ATO
• Maintaining compliant fund records throughout the year
• Advising on contribution caps, tax obligations, and pension phase transitions
• Coordinating the annual independent audit

What an accountant cannot do without an AFS licence is advise you on whether to establish an SMSF, what property to buy, or whether an LRBA suits your financial position. At various points across the range of SMSF services provided, clients might seek advice from their accountant that is financial product advice — for example, whether they should establish an SMSF, whether they should transfer their balance from another fund, or what investments they should make through the SMSF. Whilst an accountant may not provide such advice without being covered by an AFS licence, they may refer their client to an AFS licensee or representative.

This boundary matters enormously in practice. Many healthcare workers are referred to an SMSF accountant by a colleague or practice manager and assume the accountant can advise on the full strategy. They cannot, unless they also hold an AFS licence.

What to Look for in an SMSF Accountant

You should seek an accountant with:

• Membership of CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), or the Institute of Public Accountants (IPA)
• Specific experience with property-holding SMSFs and LRBA accounting treatment
• Familiarity with the ATO's SMSF Investment Strategy requirements updated from January 2025 (see our guide on SMSF Investment Strategy Requirements: How Healthcare Workers Must Document Property Decisions)
• Ability to coordinate the bare trust accounting entries required when an LRBA is in place
• Transparent fixed-fee pricing — annual SMSF accounting typically ranges from $1,500 to $3,500 depending on complexity, with property-holding funds at the higher end

Questions to Ask an SMSF Accountant

• "How many property-holding SMSFs do you currently administer?"
• "Are you also the auditor for any of your SMSF clients?" (This should be a disqualifying answer — see below)
• "How do you handle LRBA accounting entries and bare trust reconciliation?"
• "What is your process if the ATO issues a compliance notice?"

These questions help you assess whether the accountant has the depth of experience required for a property-holding SMSF, not just basic super fund administration.

Role 3: The SMSF Auditor — Independence Is Non-Negotiable

Every SMSF must be independently audited annually. You must appoint an approved SMSF auditor to audit your SMSF each year, no later than 45 days before you need to lodge your SMSF Annual Return (SAR). The audit must be complete before you lodge your SAR.

The auditor must be registered with ASIC, not just qualified as a CPA or CA. Anyone who runs a self-managed superannuation fund must ensure that a registered SMSF auditor audits the fund annually. An SMSF auditor examines the validity and accuracy of an SMSF's financial records and makes sure that the fund is compliant with superannuation rules.

Independence is the critical criterion. The auditor must be registered with ASIC — if they are, they will have an SMSF auditor number — and independent, meaning they should not audit a fund in which they hold any financial interest, or where they have a close personal or business relationship with members or trustees.

Why Auditor Quality Has Become a Regulatory Priority

ASIC has significantly escalated enforcement against underperforming SMSF auditors. During the second half of FY25, ASIC acted against the registration of 28 approved SMSF auditors, bringing ASIC's total actions against approved SMSF auditors in FY25 to 48. ASIC took these actions for various breaches of professional obligations, such as failing to maintain independence, non-compliance with auditing and assurance standards, non-compliance with continuing professional development requirements, failure to lodge annual statements, and/or for not being a fit and proper person to remain an approved SMSF auditor.

SMSF auditors are responsible for providing assurance on assets worth $1 trillion held in over 646,000 SMSFs. SMSF auditors are gatekeepers that contribute to the integrity and confidence in the SMSF regime.

For you as a healthcare professional with a property-holding SMSF, the auditor has a specific obligation to review LRBA compliance. The auditor will review whether an SMSF has complied with the rules in relation to a limited recourse borrowing arrangement (LRBA) and will verify documentation such as the establishment of a bare trust, loan documentation, how the consideration for the property was paid for by checking bank records and purchase contracts, and that the title of the property is in the name of the bare trustee.

How to verify your auditor: Search ASIC's SMSF Auditor Register at connectonline.asic.gov.au using the auditor's name or SMSF Auditor Number (SAN). A legitimate auditor will have an active registration with no conditions or suspensions listed.

This verification takes less than two minutes and protects you from significant compliance risk. Don't skip this step.

Role 4: The SMSF Solicitor

An SMSF property purchase via an LRBA requires specific legal documentation that a general conveyancer or residential property solicitor is unlikely to be familiar with. The required documents include:

• The bare trust deed (also called a custodian trust deed) establishing the holding trust structure required for the LRBA
• The loan agreement between the lender and the SMSF trustee
• Review and update of the SMSF trust deed to confirm it permits borrowing under an LRBA
• Property transfer documents upon loan repayment

A solicitor without SMSF experience may draft a bare trust deed that fails to meet ATO requirements, a potentially fund-disqualifying error. You should seek a solicitor with demonstrable SMSF transactional experience, ideally accredited by a recognised legal professional body in superannuation law.

Questions to ask:

• "How many SMSF bare trust deeds have you drafted in the past 12 months?"
• "Are you familiar with the ATO's requirements for bare trust documentation under an LRBA?"
• "Can you review the existing SMSF trust deed to confirm it permits borrowing?"

These questions help you distinguish between a solicitor who occasionally handles SMSF work and one who specialises in it. The difference matters when the ATO reviews your structure.

Role 5: The SMSF Lender or Mortgage Broker

The 2025 SMSF Lending Landscape

The major banks have largely exited the SMSF lending market. Specialist lenders and a few smaller banks and non-banks have filled the void. Non-bank institutions like alternative financial providers have SMSF loan products. They are not traditional banks but mortgage lenders that often cater to niches.

These lenders may have slightly higher rates (often in the 7–8%+ range as of 2025) and sometimes more flexible credit criteria since they manually assess cases.

This shift in the lending landscape means you need a broker who understands which lenders are active in the SMSF space and what their specific requirements are.

Deposit Requirements and LVR Benchmarks

As a healthcare professional planning an SMSF property purchase, you need to understand the capital requirements upfront. Generally, lenders require a 20–30% deposit (70–80% LVR) plus stamp duty and costs. This varies depending on whether the security is residential or commercial.

For commercial property — the asset class most relevant to healthcare workers considering a clinic purchase (see our guide on Buying a Medical or Allied Health Clinic Through Your SMSF: Rules and Strategy) — LVR requirements are tighter. Whilst SMSF commercial property loan rates are often higher, the exact rate will depend on factors such as the lender, the size of the loan, and the loan-to-value ratio (LVR). Generally, an SMSF can borrow up to 70% of the value of a commercial property, meaning SMSFs often need a 30% deposit, but some lenders may allow funds to borrow up to 80%.

Lenders also scrutinise the fund's ability to service the debt from SMSF income alone. Lenders assess SMSF income and contributions only — your personal salary cannot be used to demonstrate serviceability. The SMSF must demonstrate sufficient cash flow to service loan repayments. Lenders will evaluate rental income projections, existing fund balances, and ongoing contribution capacity when evaluating loan applications.

This is where your irregular income structure as a healthcare worker can create complexity. A broker experienced with healthcare professionals will know how to present your contribution capacity in a way that lenders understand.

What to Look for in a Lender or Broker

1Group Property Advisory recommends working with a mortgage broker who specialises in SMSF lending, not a generalist residential broker. The broker should:

• Have access to multiple SMSF-specific lenders (not just one panel lender)
• Understand the bare trust structure and be able to confirm lender requirements for custodian deed documentation
• Be familiar with the ATO's safe harbour interest rate benchmarks for related-party LRBAs (9.35% for real property in 2024–25)
• Be able to advise on the post-settlement liquidity requirements many lenders impose (see our guide on How Much Super Do Healthcare Workers Need to Make SMSF Property Investment Worthwhile?)

Questions to Ask an SMSF Lender or Broker

• "Which lenders on your panel currently offer SMSF loans, and what are their current LVR and deposit requirements?"
• "What documentation will the lender require regarding the bare trust and SMSF trust deed?"
• "How does this lender assess serviceability for an SMSF with irregular contribution income, such as a locum doctor or part-time nurse?"
• "What is the post-settlement liquidity requirement, and how does it affect our fund's cash position?"

These questions reveal whether the broker has genuine SMSF expertise or is simply trying to fit your situation into a standard residential lending framework.

Red Flags: The One-Stop-Shop Operator

The single most dangerous professional arrangement in the SMSF property space is the "one-stop-shop" operator who offers to handle your financial advice, property selection, SMSF establishment, and loan broking through a single business or closely affiliated group of businesses.

ASIC and the ATO have on numerous occasions highlighted the dangers of buying property through one organisation that arranges all steps in the process. ASIC's Report 575 SMSFs: Improving the quality of advice and member experiences, published in June 2018, identified that property one-stop shops tended to promote the purchase of geared residential property through an SMSF. ASIC was concerned with conflicts of interest that can arise in such models, including from representative remuneration structures.

Federal Court proceedings against certain financial services operators illustrate how these models fail clients in practice. The regulator alleged breaches of the prohibition against conflicted remuneration and failures to provide appropriate financial advice and discharge best interests duties in relation to financial advice to selected clients. ASIC alleged that certain operators paid advisers bonuses totalling significant sums upon settlement of property purchases those advisers recommended their clients make through either an existing SMSF or an SMSF to be established.

ASIC's regulatory guides make it clear that advice around gearing, structuring and investing through SMSFs can amount to financial product advice — an area strictly off-limits to unlicensed operators.

This is why 1Group operates as an independent buyer's agent, separate from financial advice, lending, and SMSF administration. We provide data-driven property research and acquisition services, whilst you engage your own independent financial adviser, accountant, and lender. This separation protects your interests.

Specific red flags to walk away from:

• An operator who recommends you establish an SMSF and buy a specific property in the same conversation, without a written SOA
• A buyer's agent or property developer who refers you to "their" SMSF accountant and mortgage broker as a bundled service
• Any professional who tells you an AFS licence is not required for the advice they are giving about SMSF property
• An accountant who offers to both administer and audit your SMSF (auditor independence is legally required)
• Unsolicited contact via social media recommending SMSF property investment as a wealth-building shortcut

If you encounter any of these situations, end the conversation immediately. The regulatory risk and conflict of interest are too high.

Comparing the Five Roles: A Quick-Reference Framework

This table provides you with a clear reference point when assembling your professional team. Each role has distinct licensing requirements and functions, and any professional who claims to do multiple roles should be scrutinised carefully.

Key Takeaways

• An AFS licence is a legal prerequisite, not a quality marker: any professional recommending you use an SMSF to invest in property must hold one or be an authorised representative of an AFS licensee. Verify this on ASIC's register before engaging.
• The auditor must be independent and ASIC-registered: your accountant cannot also audit your fund, and ASIC took 48 enforcement actions against SMSF auditors in FY25 alone. Verify your auditor's SAN on ASIC's public register.
• SMSF lending is a specialist market: major banks have largely exited, leaving non-bank lenders with deposit requirements of 20–30% and interest rates typically 0.5–2.0% above standard home loan rates. Use a broker with dedicated SMSF panel access.
• One-stop-shop operators present a structural conflict of interest that ASIC has repeatedly identified and prosecuted. Your advisory team should be independent of each other and of any property transaction.
• Healthcare workers need professionals who understand their income structure: irregular earnings, salary packaging, and award-based super contributions require advisers and lenders with specific experience in the healthcare sector, not generalist practitioners.

These takeaways represent the minimum due diligence standard you should apply when selecting your SMSF professional team.

Conclusion

Selecting the right professional team is not an administrative formality. It's the foundational risk management decision of your entire SMSF property strategy. For you as a healthcare professional, who carries the full weight of trustee responsibility whilst managing demanding clinical workloads, the quality of your adviser, accountant, auditor, solicitor, and lender determines not just the efficiency of your fund's operation, but whether you remain compliant with the ATO and ASIC's regulatory framework.

At 1Group Property Advisory, we emphasise that the due diligence framework in this article — verifying AFS licences and ASIC auditor registrations, asking specific competency questions, and actively avoiding conflicted one-stop-shop operators — is the minimum standard for protecting your long-term wealth strategy and retirement savings.

Once your professional team is in place, the next step is ensuring your fund's written investment strategy correctly documents the property decision and the licensed advice you received (see our guide on SMSF Investment Strategy Requirements: How Healthcare Workers Must Document Property Decisions). For those still evaluating whether an SMSF is appropriate at all, the foundational analysis begins with What Is an SMSF and Is It Right for Australian Healthcare Workers? and the cost-benefit comparison in How Much Super Do Healthcare Workers Need to Make SMSF Property Investment Worthwhile?

We work with healthcare professionals across Australia to provide independent, data-driven property research and acquisition services that complement your SMSF strategy. Our conflict-free model means we're never paid by developers, lenders, or property sellers — only by you, our client.

References

• Australian Securities and Investments Commission (ASIC). "AFS Licensing Requirements for Accountants Who Provide SMSF Services." ASIC Information Sheet 216 (INFO 216), 2025. https://www.asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence/limited-financial-services/afs-licensing-requirements-for-accountants-who-provide-smsf-services/

• Australian Securities and Investments Commission (ASIC). "25-159MR ASIC Takes Action Against a Further 28 SMSF Auditors in FY25." ASIC Media Release, 2025. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-159mr-asic-takes-action-against-a-further-28-smsf-auditors-in-fy25/

• Australian Securities and Investments Commission (ASIC). "25-040MR ASIC Announces Action Against 17 SMSF Auditors." ASIC Media Release, 2025. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-040mr-asic-announces-action-against-17-smsf-auditors/

• Australian Securities and Investments Commission (ASIC). "Limited Financial Services." ASIC Regulatory Resource, 2025. https://www.asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence/limited-financial-services/

• Australian Taxation Office (ATO). "Your SMSF Auditor." ATO Guidance for Individuals and Families, 2025. https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/smsf-administration-and-reporting/your-smsf-auditor

• Australian Taxation Office (ATO). "SMSF Auditor Professional Requirements." ATO Guidance for Superannuation Professionals, 2025. https://www.ato.gov.au/tax-and-super-professionals/for-superannuation-professionals/smsf-auditors/smsf-auditor-professional-requirements

• Australian Securities and Investments Commission (ASIC). Report 575: SMSFs: Improving the Quality of Advice and Member Experiences. ASIC, June 2018. https://www.asic.gov.au

• Financial Advice Association Australia (FAAA) / Investment Finance Adviser (ifa). "FAAA Aware of Cases of Unlicensed SMSF and Property Advice." ifa, September 2025. https://www.ifa.com.au/news/36200-faaa-aware-of-cases-of-unlicensed-smsf-and-property-advice

• SMSF Adviser. "ASIC Takes Action Against SMSF Property 'One-Stop Shop'." SMSF Adviser, 2021. https://www.smsfadviser.com/news/20034-asic-takes-action-against-smsf-property-one-stop-shop

• Fundd. "SMSF Lending for Property Investment in Australia (2025 Guide)." Fundd, 2025. https://fundd.com.au/smsf-lending-for-property-investment-in-australia-2025-guide/

• SMSF Australia. "Understanding Loan-to-Value Ratio (LVR) for SMSF Loans." SMSF Australia, 2025. https://smsfaustralia.com.au/understanding-loan-to-value-ratio-lvr-for-smsf-loans/