Dealing with SMSF auditors is difficult when you are not very financially aware. You might just get to nod or sign here and there. But it is your money and your fund, with some understanding you can be aware of what the audit is about and why is it so mandatory. Also it becomes easy to figure out why the auditor is asking for ore fees to correct the bad investments that do not comply with the SMSF investment rules.
Before we explain how to deal with SMSF auditors, we will explain you regarding the process of a SMSF Audit.
What is a SMSF Audit Process?
It is an annual process where you have to hire a certified and expert auditor to audit your Superannuation fund. It is to ensure you get tax rebates and save money. SMSF audit process is simple and a week long process. After you have hired a specialist to audit your SMSF you have to give them appropriate documents and proceed with SMSF auditing.
How to deal with SMSF Auditors?
Coming to SMSF auditors, dealing with is the understanding of how to work in hand with them and get most out of your SMSF savings and investments.
1. Money Talk
If you are not from the financial industry, getting in touch with auditors gives you access to untapped wisdom. People, who know money, talk money – gems that can help you retire quickly and invest better. Deal with your auditors by freely talking to them about your money problems and learn from them.
2. Understanding Compliance
Many a times we invest in a hurry or because of peer pressure. SMSF auditors know all the rules and regulations regarding Australian Tax office compliance policy. You can understand compliance with the help of your SMSF auditor. You must do that before investing in property; SMSF funds and go ahead by pulling the trigger on your investment.
3. SMSF Audit Pricing
Do not change your SMSF auditors every year. It is better to have a long term relationship. If you are new to SMSF auditing, choose an auditor who is reputed and recommended in your area. Also discuss their pricing as it will be a part of your annual SMSF investment expenses.
One needs 100% accuracy in numbers from an auditor. This is what certified and expert auditors bring on the table. Focus on accuracy when you are dealing with SMSF auditors.
5. Investment Advise
All round the year you can easily take investment advice from your SMSF auditor and advisor.
We hope you can easily deal and engage with your SMSF auditors after reading this.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.