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 the SMSF 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.