SMSF Auditing

We are australian based leading auditing firm, offers audit services for Self Managed Super Funds (SMSF).

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7 Questions You Need to Ask Your SMSF Administrator

Are you willing to buy your own SMSF? Here are 7 questions that everyone must ask before selecting their SMSF.

1. Where is the paperwork done? Is it done offshore? 2. Who is the owner of the service provider? 3. Is the entire process automated or is there some manual interference involved? 4. What happens to the fund if something turns out wrong? 5. Will the service review the current paid tax and suggest better strategies for better results? 6. How many SMSFs does the firm look after? 7. Does the auditor work independently for the firm?

These seven questions would easily cover everything there is to know about an SMSF before deciding to buy one. Hence if you are considering buying/investing into an SMSF this is probably a good place to start. As an SMSF trustee you should be have faith in people you would have as partners/employees for your SMSF. A detailed research is very important.

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SMSF Audit Outsourcing Australia – Increase Your Business Profit

In the SMSF business, when you put together right audit solution and effective SMSF administration , the result is a win-win situation for the adviser as well the fund owner.

SMSFs audits should be independent and powerful. The independence requirements are mentioned in APES 110. Also for firms, it is important that they stick to their core competencies and free up resources by engaging professional services for their audit solutions. You need to honestly evaluate where your strengths lie.

Outsourcing audit to a specialist will boost results – on aspects of efficiency, pricing, technical expertise and turnaround times. Also they will bring a wealth of knowledge on tax saving and help you focus on lacking areas.

It will:

Give you analytics on inefficient areas

Help you form strategies

Set a benchmark for comparing performance with a more mature administration

Provide reliable and consistent standards

Outsourcing non-core areas like audit will help you free up resources by:

Re-assigning staff to core areas

Reducing additional staff

Hire high level professional audit services by increasing your budget

Focus on business value

SMSF administration service providers need to constantly upgrade their standards as per the market changes to survive.

Moving your bull’s eye from non-core activities including SMSF audit is one way to do it.

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5 Reasons to Set up a Self-Managed Super Fund

Many people wonder what is such a great deal about SMSFs that every second person in Australia has lately been talking about it. What advantages do they offer over retail or industry superannuation funds?

Here are 5 reasons why you should consider setting up a Self-Managed Super Fund right away:

1. One solution to collective family needs SMSFs give you an option to make collective investment decisions with a limit of up to 4 fund members. This allows a family of four to put the family wealth into good investment for many benefits in the future.

2. Estate planing SMSFs are a good option to blend estate planning as it comes with very prescriptive death benefit nominations. For instance, arranging for a non-commutable income stream to a child until he attains a specific age or transferring business to a child working in family business. These can be opted with absolute certainty with respect to their prevalence.

3. Control If you want to take complete control of your retirement rather than relying on government pension options, it is always a better option to opt SMSFs.

4. Flexibility SMSFs allow greater flexibility pertaining to when you want to start drawing benefits from your fund, and in what form.

5. Application in profitable ventures A great benefit of superannuation money is that the fund owner can use it to buy a property and lease back in his own business through tax deductible rental payments.

One more reason, that has deliberately been left out, is that SMSFs are cheaper than most superannuation funds but that among above factors should not be a driver to push a case for Self-managed super funds.

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Benefits of SMSF Auditor independence

Before you learn about the benefits, let us first explore auditor independence and its importance.

What is SMSF Auditor Independence?

Well it is simply a rule of compliance set by ATO, so that your SMSF accountant and SMSF auditor are separate. This distinction is called SMSF auditor independence.

Why it is important? It is important so that auditing is strict and fair. This can only be maintained if the SMSF auditor is not your investment advisor. Do not opt for the same firm as it will be flagged by ATO. It is a big risk and you do not want to get involved in something like this. SMSF auditors are independent to your investment plans and will be unbiased towards you and your fund. They only follow the rules laid out by ATO.

What are the Benefits of SMSF Auditor Independence?

ATO Compliant SMSF auditors play by the laws and rules of ATO. They know it is their bread and butter; any kind of inaccurate and non-compliant report can have negative effects. This is the best benefit that you will always get best auditing done from SMSF auditor who is not biased.

Better Audit Without any second thoughts a certified auditor, independently handles your SMSF audit and scrutinizes it till it is 100% compliant and you as an investee do not lose your money.

Fair Report Generation All your reports are generated within a week and you get a fair and absolutely clear idea of your SMSF. Any wrong doings are also highlighted in contravention reports.

Tax Rebate Now this is where audit reports are most beneficial. You will get all sorts of tax rebates and deductions based on your independent auditors report. So, get this done and submit it to ATO.

The auditor fee and auditing timelines can be different in different Australian States. We specialise in SMSF audit outsourcing in New South Wales, Queensland area.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.

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Audit of Self Managed Super Fund – Things You Should Know

We have framed this post with some of the basic questions that people ask regarding audit of self managed super fund. It is from our decades of experience we know the problem and confusion all new members have. But we do not generalise the face that you have a responsibility of completing the audit and you want to learn it sincerely.

We are hoping that many doubts and things will be clear and you will learn all things you should know about an audit of SMSF.

What is the process?

As far as your investment in SMSF is concerned, it can be done anytime you want to put in some money and you see something worth. The process of audit of self managed super fund is unique. You have to meet an auditor, decide to give him your SMSF to review and audit and then fill theSMSF audit checklist. Things get interesting here as from the auditor starts the audit and his next call to you clarifies the next step.

How to take advice?

If all is well with your SMSF and audit is done, you are sent reports and other documents in your email. But the major problem arises if you have made mistakes in the past year, or were trying to manage the fund yourself and unknowingly made a wrong investment. Compliance falls apart and contravention reports are generated. This is the time you need valuable advice from experienced auditors. Do not hesitate to call your regular accountant or meet with SMSF specialists to take a second opinion.

Learning the tricks

Once you have complete one year with SMSF auditing and managing, you start to become more financially aware about things. Investments and state rules regarding them pop up in your life from time to time, because you are reading about them. This is the most important trick people ignore – learning about the rules of the game. Even if you outsource SMSF management, keep an eye on what to invest in and what not.

What matters more?

In an SMSF audit, what matters more your investment or your goal? We believe that your regular investments matter more, because SMSF are very dynamic and if investments are not done right – you lose in the audit and you definitely lose in the ROI.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.

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An Outline of Self Managed Super Fund Audits

We all are curious about how our certain investments grow over time. There are certain added costs too. Like an SMSF investment is incomplete without an annual audit, and mind you it is mandatory.

Therefore his SMSF audit outline will help each and every SMSF member or trustee, learn about the auditing fee, procedure and other related things. We have focussed primarily on the new and going to be SMSF members. The details and other in-depth queries can be directly asked from our team via phone or email.

Going back to an outline of SMSF audits:

New to SMSF Audit, here is what you need to know, implement and get it done right.

1.  SMSF Auditor As you are in the process of auditing, you need a certified auditor. If it is something you heard for the first time, here is a simpler way to do this. Depending on the state you live in Australia find out certified and experienced auditors to help you with SMSF auditing. This investment is a long term one, so ensure you have an auditor you can build a relationship with. Want to do it easy? Ask your current accountant to recommend you an SMSF auditor.

2.  SMSF Audit Fees It depends on the state you are in but generally it is $500-$600 AUD excluding GST. The standard payment is done every year and it helps you get tax rebates and go through with your all year round investment and their compliance.

3.  SMSF Checklist SMSF checklist is a great document that you as SMSF member or trustee fill and submit to your auditors. Where do you get this checklist you may ask? Every auditing company or SMSF auditor will get this filled from you, so they email it to you as everything is done electronically and through safe channels. This saves time and helps both of you a great deal.

4.  SMSF ATO Compliance Reports Next step is that your auditor starts auditing and generating ATO compliance reports. He sees what and where you have invested. If you have done everything by the book and according to the rules, you get your reports. Otherwise your auditors sit with you and explain the flaws and how to correct them.

5.  Tax Benefits You invest the money in diverse ways. SMSF auditing also help you gain tax benefits from the investments. Tax redemption is helpful and saves you money.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.

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5 Common Mistakes SMSF Property Investors Must Avoid

Attention SMSF property investors, it is about time you have wisen up and start avoiding these 5 common mistakes that every beginner SMSF trustee makes. Learn about them and start becoming a better investee when it comes to property related financial buying and selling.

What exactly would you need to be sure of your property related investments? There is no secret sauce, but for beginner in SMSF or Superannuation beginners it is extremely helpful to know these 5 common mistakes. You will not become an expert, which is actually a SMSF expert’s job who can manage or advice and audit your SMSF for you.

5 Common Mistakes SMSF Property Investors Must Avoid Read and learn about these mistakes that all experienced SMSF property investors have made when they started.

1.  Risk v/s Reward Some people are risk and reward driven and they do not care what happens. If they feel it from their gut – they are sure about it. In SMSF property investments we can seriously become champions only after few years of experience. This comes from interacting with SMSF experts and senior trustees who know the investment game better than you do.

2.  DIY – Not Consulting an Expert Advisor Big and trivial mistake that all SMSF property investors have made and will make again is doing it on their own. SMSF investment, management and auditing comes with a bill attached. So, when SMSF members are buying property they like they just want to get on with it on their own and trying to save this SMSF expert fee leads to losses. Always go for consultation and save your hard earned money, it is better to have an expert or you will regret later.

3.  Not knowing Property and Government Laws If you are not aware of the property laws and government in your state, it will be a diastral to invest via SMSF in this property. Such complications can be tackled by experts only. Think of long term gains and compliant is very crucial to investments.

4.  Being Hasty When you like a property or someone recommends it you or your family, it is hard to say no. One knows that SMSF property investments will aid buying this property and help in rebates but this is just basic factual information. The real rules and regulations are known to experts only. So, being hasty or buying property hurriedly can lead to more problems than you as a rookie SMSF property investor will ever expect.

5.  Losses in Retirement Phase Over the course of few years, when you are about to retire, the returns from the property may or may not be favourable to you. Discuss this at length and it will vary depending on the kind of property or the area you are. One of the most common mistake and it leads to losses in retirement phase.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.

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How to Deal with SMSF Auditors?

Dealing with SMSF auditors is difficult when you are not very financially aware. You might just get to nod or sign here and there. But it is your money and your fund, with some understanding you can be aware of what the audit is about and why is it so mandatory. Also it becomes easy to figure out why the auditor is asking for ore fees to correct the bad investments that do not comply with the SMSF investment rules.

Before we explain how to deal with SMSF auditors, we will explain you regarding the process of a SMSF Audit.

What is a SMSF Audit Process? It is an annual process where you have to hire a certified and expert auditor to audit your Superannuation fund. It is to ensure you get tax rebates and save money. SMSF audit process is simple and a week long process. After you have hired a specialist to audit your SMSF you have to give them appropriate documents and proceed with SMSF auditing.

How to deal with SMSF Auditors? Coming to SMSF auditors, dealing with is the understanding of how to work in hand with them and get most out of your SMSF savings and investments.

1.    Money Talk If you are not from the financial industry, getting in touch with auditors gives you access to untapped wisdom. People, who know money, talk money – gems that can help you retire quickly and invest better. Deal with your auditors by freely talking to them about your money problems and learn from them.

2.   Understanding Compliance Many a times we invest in a hurry or because of peer pressure. SMSF auditors know all the rules and regulations regarding Australian Tax office compliance policy. You can understand compliance with the help of your SMSF auditor. You must do that before investing in property; SMSF funds and go ahead by pulling the trigger on your investment.

3.   SMSF Audit Pricing Do not change your SMSF auditors every year. It is better to have a long term relationship. If you are new to SMSF auditing, choose an auditor who is reputed and recommended in your area. Also discuss their pricing as it will be a part of your annual SMSF investment expenses.

4.   Accuracy One needs 100% accuracy in numbers from an auditor. This is what certified and expert auditors bring on the table. Focus on accuracy when you are dealing with SMSF auditors.

5.   Investment Advise All round the year you can easily take investment advice from your SMSF auditor and advisor.

We hope you can easily deal and engage with your SMSF auditors after reading this.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.

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How to Choose an Approved SMSF Auditor?

All your funds financial statements need to be scanned by an approved auditor every year. As SMSF is a long term investment with great returns it is good to get an approved SMSF auditor on board. So, that you can discuss your fund and take financial advice from them every year.

Are you clueless about choosing an approved SMSF auditor for your fund? Do not worry it happens with most of the non-financial industry folk. It is nightmarish to know that some SMSF auditors charge a ridiculous amount of money to audit your SMSF. Many new SMSF members are thus sceptical about hiring a good auditor because they don’t want to lose a lot of money. So, how do you hire an approved auditor who understands your stage of investment and comes within your budget?

Here are 5 tips you should know when you choose an approved SMSF auditor:

1. Free Consultation All approved auditors who are looking for more clients give free consultation where you can ask them regarding the auditing process, FAQs, prerequisite questions and also learn about their fee. If you build trust and feel confident with their suggestions you can choose them and go ahead with the SMSF auditing procedure.

2. Compliance Check with Superannuation Rules As financial experts in Australia, they know what rules and policies you need to fulfil to file a hassle free SMSF return. They check your entire financial statement and look for any errors and non-compliant investments. They are approved officials who help you not go wrong with your fund investments.

3. Must be Registered and Certified An approved SMSF auditor must be registered with ATO. Look for an auditor and choose the one who is CPA certified with specialisation in SMSF. You are good to go if these qualification and skill sets match.

4. Confidentiality Clause While signing up your approved SMSF auditor discuss the confidentiality clause upfront. You and your SMSF trustees would need certain assurances that their financial information and sensitive details will be protected all the time.

5. Turnaround Time Last but not the least, ask your prospective SMSF auditor regarding the time they will take to audit your SMSF. Usually, the time to finish an SMSF audit is about 1 week. It involves gathering information and preparing all financial reports. The auditors scan all financial records for mistakes and give you a detailed analysis after the audit.

If you are serious about getting your SMSF audit done at the right price. Contact our experts on 1300 707 325 or [email protected] today.

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Do You Really Need An SMSF Auditor?

The short answer is YES. But when it comes to explaining why you really need an SMSF auditoryou have to understand it deeply. All SMSF members and trustees invest money to get tax rebates and high returns after a certain period of time. But SMSF looks simpler; but it needs financial expertise to file its annual return every year, getting an approved auditor to review all your investments and withdrawals, filing for tax deductions etc. For all this you need an ATO approved SMSF auditor. Still confused and want to know more about the reasons you should hire or consult with an SMSF auditor?

An approved and certified SMSF auditor knows the latest amendments in tax laws and acts of the Australian government. You might have been absolutely under the influence of other trustees while investing and it might turn out that your investment is not compliant with ATO’s rebate policies. For all these you need a finance professional on board.

But if you do not want to spend for the entire year, you must get your fund audited to check for errors and mistakes. Filing SMSF return is crucial and keeps your investment in check. An auditor knows the financial sector inside out. They can also check if you are not following any of the compliant standards set up by the Superannuation Industry Supervisory Act 1993. The current developments of the Act that govern your SMSF are known to someone who is in practice and audits SMSF for a living.

An SMSF auditor starts your auditing process after you hire them. It is a process that ends with your reports and checkups of the entire fund. You need to submit an SMSF checklist and help your auditor in document gathering over email. You cannot imagine how technology and expertise of your auditor will make it a seamless process. To begin with you get answers to all your doubts and are happy to cruise through the proper compliance standards under the ATO guidelines. Benefits of having an SMSF Auditor:

Reduce the risk of ATO audit and gain benefits in tax deductions

Identifies Weakness and suggests improvements to run your fund without errors and become profitable

Financial and compliance reports to help you file SMSF return

Contravention reports to help you learn about problems in your SMSF.

Want to know more about SMSF audits? Contact our experts on 1300 707 325or [email protected] today.

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Things to Know About SMSF Auditors and SMSF Audits

SMSF audits are necessary to keep in check your funds and help you save on taxes too. Most accounting firms who audit thousands of funds every year need SMSF auditors to outsource additional work so that they can get more done in limited time. Also people who own self managed super funds are unaware of the advantages of getting their SMSF audited by an authorised and professional SMSF auditor.

The key here is to get fast, reliable and cost-effective SMSF audit services where the process is streamlined and work gets done without any risks or hassle. We have prepared 6 things you must know about SMSM auditors and SMSF Audits before you outsource them:

1. Flat-Fee One thing you have to keep in mind is the fee associated with your audit. SMSF auditors often charge depending on their years of SMSF auditing experience. If you want to keep your SMSF costs in your control and do not want to blow your own budget – hire SMSF auditors with flat fee. This way you pay a fixed amount to the audit firm and get your audit done with proper Australian Tax Office standards. Also you do not have to pay any hidden fee.

2. Easy Audit Process The audit commencement procedure begins when you commission an auditor to review your SMSF. For tax and other purposes an approved auditor is needed. Also you want the process to be seamless and less tricky. Go for an auditor who believes in minimal paperwork and consumes little time.

3. Superannuation Industry Supervisory Act 1993 SMSF audit solution is mandatory because of the Superannuation industry Supervisory Act 1993. SMSF auditors here audit your managed funds and see the developments going on with it.

4. Quick Turnaround A reliable and comprehensive SMSF audit takes about a week to finish. So you get a fast turnaround.

5. Expedites Regulatory Return Another benefit is that an approved auditor helps you expedite regulatory return as well. New and improved ways can really add value to your funds and bring you happiness with your finances.

6. Minimal Paperwork SMSF audits are not very much driven on the basis of paperwork. All the funds are audited with a streamline process and you get a reviewed audit report from the experts, which is compliant with Australian Auditing Standards.

Let us know if you need any SMSF Auditing help or you need an expert for your annual auditing. We are based out of Queensland and can take up subcontracting and outsourcing jobs related to SMSF auditing.

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Why do you need a SMSF Auditor ?

As SMSF is not an ‘invest & forget’ game, staying enlightened about SMSF audits & auditors is a winning bet. It’s peremptory to have your SMSF audited annually by an approved SMSF auditor. Failing to do so can risk your fund to be adjudged and losing its tax concessions.

“How propitious is it to have an auditor?”, if it’s disquieting you also, then here is the rejoinder:

You cannot lodge your SMSF annual return until you have had your SMSF audited by an auditor.

The auditor cannot be a member of the fund, or the same person who prepared its accounts. So, undoubtedly you need to charter one.

The auditor scrutinise if your accounting policies, financial statements and the presentation of the fund’s accounts, are germane for your super fund.

Identifying your fund, breaching the super laws, auditor will shelter you from heavy penalties by giving time & advise to fix it before reporting it to ATO.

The auditor provides you with their SAN which is required to be disclosed on the annual return.

The auditor is obliged to report to the ATO if the financial position of the SMSF is unsatisfactory or if a contravention of the SISA and SISR has occurred or may be about to occur.

Finally auditor only will abet you for attaining all these vital documents: 1. A letter of audit engagement 2. Audit working paper 3. Audit finalisation letter 4. A copy of final, signed financial report of the fund and relevant accounting records 5. An approved form enclosing the auditor’s opinion and qualifying remarks Sigh of relief! That these ‘eyes & ears’ of compliance regime of SMSF, can set you hassle free from almost everything related to exigent SMSF auditing. Ostensibly, the SMSF auditor is not an option, it’s a wise desideratum.

Charter our best auditors! Contact on 1300 707 326 or [email protected] today.

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Choose the Right SMSF Auditor – Tips

Who doesn’t like saving money for future? But more important is to save in the right way. It is therefore important to consult a SMSF auditor who examines your SMSF’s financial statements and ensures that you have complied with the superannuation rules.

SMSF audit involves an approved auditor conducting a financial and compliance audit of your super fund. As necessary is SMSF, having the right SMSF Auditor is vital too. Let’s read few tips that will help you choose the right auditor:

Research on the firm you are choosing for your SMSF audits. Your SMSF auditor should meet and fulfill your expectation.

The auditor must be registered with ASIC.

Check whether the auditing company uses a secure server.

Ensure that the firm chosen by you for SMSF auditing will not outsource your financial statements to another firm. In case they do so, make sure you have it mentioned on the agreement signed.

Your auditor should provide you with an audit report well before the due date of SMSF annual return.

The auditor should be able to advise you on any problem that arises, to save you from penalties.

Your auditor must provide you with a reliable and quick turnaround time to complete the work.

Ensure that your SMSF auditor is proactive when it comes to dealing with the audit process. A disorganised SMSF auditor can cost you hefty fines.

Ask the SMSF audit firm if they provide access to an audit or client.

Always proceed work after you have agreed on the terms stated in the engagement letter. Have a detailed conversation with your auditor about the technical advice and assistance that you require for submitting reports as well as rectifying breaches. Also, appoint a registered auditor at least 45 days prior to your audit.

Want to know more about SMSF audits? Contact our experts on 1300 707 326 or [email protected] today.