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.