If you are a self-managed super fund, you need to ensure that you’re SMSF is getting audited on an annual basis through an SMSF auditor. A question that might throng your mind is what it is all about? To be candid, an SMSF audit would involve an SMSF Auditor in Australia, who is ready to conduct a financial and compliance audit. A financial audit would enable your auditor to examine the fund’s financial statement.
Advantages of Self Managed Super funds (SMSF) – The Self Managed Super funds (SMSF) can have some humongous advantages over regular superannuation. It is also ideal for individuals who really want to take control over their financial destiny. The advantages of running an SMSF are numerous, but we would discuss only a few in this particular article.
- Tax concession- Earnings taxed at 15% and the capital gains on investment are at 10%
- Estimate planning advantages- You will be getting access to strategies with minimum asset protection and with a minimum tax liability.
- Investment flexibility- You can decide what to invest and how to allocate all your assets.
These super funds are totally governed by requirements of Superannuation Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations Act 1994 (SISR). The audit would involve a couple of parts and they are as follows:
Financial audit– To examine the fund’s financial report is important. It is mainly because it would generally ensure that it confirms accepted accounting policies.
Compliance audit– Here one needs to determine the trustee’s compliance with specified requirements right from SISA and SISR.
Now we would discuss how to appoint a Super Auditor In Australia. Well according to the guidelines given by ATO, your approved SMSF auditor must meet a few requirements. Listed below are the requirements, which you need to follow before you go ahead and find the approachable auditor in town.
- Have registration with ASIC and must possess an SMSF auditor number.
- He needs to be independent. In simple words the particular professional must not hold any post of financial interest in the SMSF where he/she is auditing.
- He or she must not have any close amity or any such personal bonding SMSF members or trustees.
What he would do for you – It is to be noted that an approved SMSF auditor must essentially conduct financial and compliance audit of your super funds. A financial audit enables the auditor to examine the fund’s financial statement. As per as the general notion is concerned a compliance audit would involve assessing SMSF’s compliances with superannuation rules.
The examination is done by the auditor– An SMSF auditor generally examines the validity along with the accuracy of an SMSF’s financial records. Through this, they would make sure that the fund is getting in compliance with the respective rules.
If you are in need of any such assistance, then the time is ripe to get in touch with a professional and make things seamless and transparent.
About the Company :
The Company provides the comprehensive solution for all your SMSF and some other financial needs. They have worked in this domain for quite a long time and they are really eager to put the best foot forward for their client. If you are in need of help, get in touch with them and get a grab of seamless and transparent services.
All the data and information’s collected are trail and tested. All the data are based on facts. The experts and auditors of the said organization verified them.