SELF MANAGED SUPER FUND (SMSF) WITH YOUR INTERESTS IN MIND

With each of our clients, your wellbeing is our top priority. We can do an SMSF audit, make sure you are in compliance and help you improve your strategy to enjoy the best results with your retirement funds in the long run. Your complete SMSF partner is waiting to assist.

SMSF AUDITS: WHAT WILL IT ENTAIL?

During SMSF audits, a registered agent must work through financial records and other documentation of the trust. An approved SMSF auditor needs to look at the details of your trust, such as the financial statements, changes over the past year, member contributions, accuracy of records and more. All must be compliant before you submit your tax return.

WHY DO YOU NEED AN AUDIT?

Having an SMSF is an excellent way to get peace of mind about your retirement days. You probably enjoy the idea of having more control over your money, rather than leaving it to others to manage. But this privilege comes with many responsibilities and the Superannuation Industry Supervision Act sets out strict guidelines about how any superannuation fund should be managed.

One responsibility is to ensure your fund stays compliant with all the relevant SMSF rules, such as the ones the Australian Tax Office issues. These guidelines change from time to time, so confirming compliance is an ongoing process throughout the lifespan of your trust.

4 IMPORTANT FACTS ABOUT SMSF AUDITS

You Have an Annual Obligation

A financial and compliance audit is a yearly requirement. For anyone with a managed superannuation fund, this is an activity you need to put into your planning from the start. Make sure you have the capital available to cover the audit fees. At Superior B+T we offer low rates matched with excellent service.

You Need to Book it Early

You may leave your tax responsibilities to the last minute, but with a managed super fund you need to plan well in advance. Don’t wait until 30 June draws close before you start planning for the annual auditing. The appointment of your auditor must happen at least 45 days before your SMSF annual return must be submitted to the ATO. So, why not appoint one long before the end of the financial year, so you have peace of mind that all will be done in time.

To Audit SMSFs Affect Your Retirement

Don’t look at SMSF audits as just another expense for your trust. An audit is actually an ideal time to optimise your funds, especially if you work with the right SMSF auditors. Pick auditors specialising in SMSF audit services but who also go the extra mile of considering you throughout the process. Apart from checking for compliance, do they have advice on how to optimise the fund going forward? That’s what Superior B+T offers you with your annual auditing process, because your future maters.

Am SMSF is Worth it

When you think of the effort going into finding an audit firm and having so much responsibility surrounding your tax return each year, you could start doubting whether an SMSF is worth it.

YES! It is.

From having more control and flexibility to enjoying multiple tax benefits, applying for registration for your SMSF is one of the smartest things you can do for your retirement. And for audits as well as financial advice, Superior B+T is here to assist.