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.