The short answer is YES. But when it comes to explaining why you really need an SMSF auditor you have to understand it deeply. All SMSF members and trustees invest money to get tax rebates and high returns after a certain period of time. But SMSF looks simpler; but it needs financial expertise to file its annual return every year, getting an approved auditor to review all your investments and withdrawals, filing for tax deductions etc. For all this you need an ATO approved SMSF auditor. Still confused and want to know more about the reasons you should hire or consult with an SMSF auditor?
An approved and certified SMSF auditor knows the latest amendments in tax laws and acts of the Australian government. You might have been absolutely under the influence of other trustees while investing and it might turn out that your investment is not compliant with ATO’s rebate policies. For all these you need a finance professional on board.
But if you do not want to spend for the entire year, you must get your fund audited to check for errors and mistakes. Filing SMSF return is crucial and keeps your investment in check. An auditor knows the financial sector inside out. They can also check if you are not following any of the compliant standards set up by the Superannuation Industry Supervisory Act 1993. The current developments of the Act that govern your SMSF are known to someone who is in practice and audits SMSF for a living.
An SMSF auditor starts your auditing process after you hire them. It is a process that ends with your reports and checkups of the entire fund. You need to submit an SMSF checklist and help your auditor in document gathering over email. You cannot imagine how technology and expertise of your auditor will make it a seamless process. To begin with you get answers to all your doubts and are happy to cruise through the proper compliance standards under the ATO guidelines.
Benefits of having an SMSF Auditor:
- Reduce the risk of ATO audit and gain benefits in tax deductions
- Identifies Weakness and suggests improvements to run your fund without errors and become profitable
- Financial and compliance reports to help you file SMSF return
- Contravention reports to help you learn about problems in your SMSF.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.