Understanding SMSF Audits

Steven Penland   October 24, 2019   Comments Off on Understanding SMSF Audits

Audits are an integral part of the Australian financial setup. Among the different types of audit, the most emphasized kind of the audits are the SMSF Audits. It is a must for any organization to get this audit done. Not everyone can do this kind of audit. It has to be done with the assistance of an auditor who is registered with the Australian Securities and Investments Commission (ASIC). It is also important to learn that the auditor must not have any kind personal relations with any of the people involved in the audit process.

The auditor is assigned with the responsibility of looking after and checking all the financial statements. In light of the data, he then determines the compliance level in the light of the superannuation law. In case they find any issue of non-compliance they find it important to notify all the trustees with the matter as soon as possible. The ATO needs to be informed as well.

There must be an annual audit of the SMSF. It is recommended that 45 days prior to the annual return to the Australian Taxation Office, the SMSF audit services Sydney must get hire the services of the auditor. This audit is a must at the end of the fiscal year regardless of whether you have got some funds or made the profits. In every case, it is a must thing to do.

According to the new rules that appeared in 2018/19 the Government came up with a new proposal. According to this addition, the companies with good history of record-keeping were given the ease of getting the audit done in every three years instead of every year.  This idea was not welcomed especially by the ones associated with the SMSF.

It is very important to learn about the expected cost of the SMSF Audit. It is something that is impacted by several factors. The most important among these is the fact that how complex the process can be. The more complex the situation is the more cost will be charged by the auditors. The number of people working in the audit team also influences the cost.

If you are residing in Australia and want to get the services of an SMSF auditor, then it is important to learn that you can find the best auditor for this job after little research. You can search for them on online sources and at the same time can get suggestions from people who have been through this process. Whatever information you get, first of all, find the fact that the auditors are accredited with the ASIC.