Do you try to avoid SMSF auditing till the very last minute because you think it is full of hassle and takes a lot of time? Here is a solution to the problem that you face every year.
Here are your best top 10 tips for a Hassle Free SMSF Audit Process:
1. Proper Documentation
As the financial year commences, and you make investments to your fund, keep a record of all of them. These properly documented proofs and paperwork will save loads of time during the SMSF audit process.
2. Bank Statements
If you are a SMSF trustee or member, your bank statements that highlight your income, withdrawals and investment is required at the time you fill the SMSF checklist. Ensure you have all of them in place.
All asset and investment receipts and even receipts that you made any changes to your fund are also required. Keep them in order to have a hassle free audit.
4. Audit Fee
If it is your first audit, try consulting and discussing the audit fees before you finalise. This is usually done, when you are hiring an approved auditor for your fund. Knowing your expenses you can easily go through with the entire audit procedure without any problem.
Trust deed proofs are important for all SMSF members to comply by. You need to keep all such proofs with you.
Make sure all your properties and assets are insured under your name, you here means the SMSF member who is responsible for the fund.
7. Representation Letter
This is an important letter, that needs to be signed by all trustees recently. It will help you go thorugh SMSF audit process very smoothly.
8. ATO Declarations
All funds started after 1st July 2007 must have ATO trustee declarations signed. It is a mandatory document.
9. Expired Agreements
All your lease agreements must be renewed on time. If you have not renewed it or there is not option to do so. Submit the papers of new lease immediately.
10. Properties and Loans
Rental properties are very important and their valuation must be included when you submit the property valuation. Members or trustees must disclose the details of all private loans taken by them fromt he fund.
Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.