All you SMSF fund owners must be curious about the annual SMSF audit. The audit is mandatory to keep your fund efficient and help you get tax exemptions. Here we solve this dilemma and help you get rid of your confusion – with a basic guide to SMSF audit.
We have simplified a 5 step process that will not only educate you regarding SMSF audit process but also help you get yours done in an expedited manner. It usually takes about a week to get your SMSF audited and you must begin 45 days before ATO’s last date.
A Basic Guide to SMSF Audit – 5 Step Simplified Process
1. Hire an Auditor
An approved auditor is the one who can do your SMSF audit and generate reports that you can submit to the ATO. So, the first step of the basic guide to SMSF audit is hiring an approved auditor. You can even outsource SMSF audit to a firm in your area. Also, negotiate the Auditor fee and ask for any hidden costs beforehand.
2. Easy Audit Process
Auditor performs all the auditing requirements and gives you a reliable, professional and fast audit solution. Thus, it is an easy audit process with minimal overhead for you and you can lodge your returns before the due date.
3. Download SMSF Audit Checklist Form
A very important part of the process is the Audit checklist form. Fill this form and give it to your auditor. It has basic information about your SMSF fund, its members and trustees for your auditor to verify and work upon.
4. Auditors start audit
Professional auditors will easily begin after they receive your SMSF audit checklist form. Now you can relax as you can easily file your reports on time and get proper capital gains.
5. Provide necessary documents via email
The auditor might need some information and necessary documents from you to audit the SMSF fund. This is when you need to exchange emails and upload files. All this can be handled from the comfort of your home.
Thus, our basic guide to SMSF audit ends. It is a simple 5 step process anybody can follow. If you have an SMSF fund, get its audit before the annual return is due. You will have to do this every financial year and it is good to be wiser about the process.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.