All SMSF fund investors must know regarding the fee you have to pay for the annual audit. This audit process means to get an approved auditor to check upon your SMSF fund.
It is crucial to make sure you add this to your annual expenses apart from your investments and money you give to other financial advisors that help you in investing and strategising. If you fail to do so, it will be an untimely expense that you will have to deal with. But the financial advice and consultation services vary in pricing in different states and territories of Australia. So, how can one know about SMSF auditor fees and determine it.
Pricing and SMSF Auditor Fees
There is a standard SMSF audit process that an approved auditor will perform. Also you as clients will be filling the SMSF audit checklist and provide necessary documents to them. But if the process and rules of ATO are same and it is done within a week, why is the pricing variable? It depends of the size of the SMSF audit firm or the experience of the accountants and auditors you hire to review your SMSF.
Keeping this in mind you can negotiate SMSF auditor fees and choose the ones who come in your budget. If you find auditors very expensive in your area, you can outsource SMSF auditing to smaller firms in other parts of Australia. The amount you have to pay will be an annual expense so try to negotiate a deal that you are comfortable with every year and keep that money aside as your SMSF investment and expense.
How to determine SMSF Auditor Fees?
Like we said it depends on the level of firm and experience in the number of years. New SMSF fund guys are really oblivious to the fact that SMSF funds even need auditing. And if only 45 days remain to file the SMSF report at the ATO, you are at your wit’s end. Therefore, if you want to keep this cost in your budget, our first advice is to start early. Determine SMSF auditor fees you must check the list of approved auditors who can review your SMSF and ask them about the flat fee for SMSF audit and enquire about any hidden costs that can come in the middle.
SMSF auditing fee is not very expensive if you negotiate well and find small SMSF audit firms.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.