Are you looking for easy ways to ensure that you spend less on a SMSF auditor? You are in luck because we tell you simple tips and tricks that can help you streamline your auditing expenses.
1. Learn about the Process
One of the easiest ways is to buckle up and gain knowledge about the SMSF audit process. This can be done in 2 ways – reading the ATO rulebook or meeting an approved auditor. Both enlighten you properly and an auditor who in the ends audits your SMSF gives you details of what you need to do and how much is the fixed fee you have to pay them.
2. Experienced Auditor
Choose an experienced auditor only. If it is your very first SMSF audit and you have no idea about ATO regulations and what possible deductions you can get, it is wise to trust an experienced and certified auditor.
3. Start Early
This is an important and often kept secret way of minimizing your audit fees. SMSF trustees who start early always spend less. They get their paperwork ready and hire an auditor way before the deadline. Hence, auditors have time on their hand and give them early bird discounts too. Also you can build a relationship with the auditor by referring your friends to him.
4. Understand your SMSF Trustee Role
There are certain responsibilities that you as an SMSF trustee need to fulfil. Know about them and read your trust deed carefully. This will aid you in the auditing process.
5. Audit Check List
Every SMSF auditor will start with the audit check list. You are on your own when filing this check list and arranging documents your auditor has asked for. If you have been keeping a record from the very inception of your fund – this will be like a child’s play for you.
6. Check on Deed Expiry Yourself
Like reading the trust deed, you must also check on property deeds and other investment documents yourself. This do it yourself approach will save you money and you won’t have to pay for your auditor’s time. You will know when the deed will expire and you can tell it to your auditor.
7. Maintain Investment Data Records
Even if you do not have any problem paying your auditor, this is one universal way to save a lot of over head trouble. Investment data records come handy years and years after too.
8. Assist your Auditor
Though you may be occupied, but if your priority is to save on SMSF auditing cost, try lending a hand in totalling and matching your auditing reports and help your auditor in anything he needs from you. This saves time and expedites your audit process.
9. Provide all documents, declarations
We cannot stress more on being transparent with all documentation and declaration. Submit them as soon as your auditor asks for them. No questions asked.
10. Clear Communication
Talk to your auditor about your investment plans in the future. Also get to know about the recent changes in ATO rules and SMSF schemes. This is helpful and you can minimize your SMSF audit fees easily.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.