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SMSF Auditor Brisbane

SMSF Auditor Brisbane

A Self-Managed Super Fund (SMSF) Auditor is a professional who assesses your fund compliance in regard to the superannuation laws and examines your fund’s financial statements.

With an SMSF you can decide where and how your retirement funds are invested. An SMSF needs to be audited annually by an ASIC-approved SMSF Auditor. Due to tax office regulations SMSF trustees must submit a special SMSF return each financial year. Though, prior to lodging your SMSF annual return your SMSF must be audited by an approved SMSF auditor who provides an SMSF auditor’s report for your fund.

Your SMSF Auditor Brisbane must be independent of the fund, meaning they have not prepared the financial statements for your SMSF, nor can they be related to any of the SMSF trustees.

Is an SMSF for me?

The question of whether an SMSF will, or will not, outperform traditional superannuation options is a common one.

One of the benefits of super funds is that financial professionals manage the superannuation investments. While this is often cited as the reason people choose super funds over SMSF, the fact is that SMSF funds allow for professional financial advice as well as support in setting up and managing your funds. Because of this you actually have a greater hold and visibility of your financial future. Your SMSF Auditor Brisbane team can provide you with advice focused on your specific goals and financial expectations. With a better understanding of you and your vision we can pursue the best opportunities for your compliance and financial results of your SMSF.

Before You Establish an SMSF

Traditional superfunds come with some uncertainty, often lack transparency, and are fraught with hidden fees. By managing your own SMSF you can free yourself from the challenges associated with other super funds. However, that doesn’t mean an SMSF is perfect for everyone. An SMSF can be a complex set up and there are several regulations and compliance obligations you need to consider.

SMSFs are regulated by the Australian Securities and Investments Commission and include administrative standards, financial reporting requirements, and include legal obligations. Since you are responsible for the funds investments and activities – even if you hire a professional or administrator – it is important that you seek assistance from an experienced SMSF Auditor in Brisbane.

SMSF Auditor Brisbane, Queensland – Compliance Audit Process

When conducting an SMSF audit Brisbane and an Independent Auditor’s Report you must appoint an auditor at least 45 days prior to the due date of the SMSF annual return.

An SMSF auditor Brisbane will require access to your SMSFs financial records to complete the audit. Additionally, your SMSF auditor Brisbane will need to provide the names of trustees when submitting the finalized Independent Auditor’s Report within 28 days of receiving access to the financial records for your SMSF.

Trustees are required to provide additional documentation or information that is requested to complete the SMSF audit within 14 days of receiving that request from the Brisbane SMSF auditor.

The goal, of course, is for your SMSF auditor in Brisbane to work with you, communicate, and ensure that concerns are addressed before, during, an after the SMSF auditing process so that you have a smooth experience.

Obligations of an SMSF Trustee

SMSFs are regulated similarly to other superannuation funds that many Australians use to manage their retirement income. The key difference between an SMSF and other super funds is that the burden of responsibility falls on the trustee of the SMSF.

The value between the annual expenses associated with SMSFs and the potential ROI over time are often better when you manage your SMSF as opposed to standard superannuation funds.

For those who choose to manage their SMSF, here are some obligations SMSF trustees must consider:

  • Legal Responsibility: An SMSF is not separate from your finances and individual property as a traditional super fund balance is.
  • Prepare a budget: Before obtaining professional SMSF advice, it is important that you understand your budget in order to set up and properly manage a compliant SMSF. Your SMSF auditor is an important role supporting financial retirement objectives.
  • Understand your annual audit requirements: SMSF audits Brisbane, Queensland can only be administered by an approved SMSF auditor. It’s important that you know when your annual audits must be completed as well as when your auditor must be identified so you can prepare for your annual audit on time.
  • Identify how you will invest your superannuation: While you may face a steep learning curve it is helpful to have an idea, if not an exact plan on where you will invest your money.

An SMSF provides you with the advantage of control in your future and how your superannuation is managed. Though, managing your SMSF comes with a greater deal of responsibility, liability, and compliance management.

SMSF auditors Brisbane, Queensland provide the expertise to maintain compliance and get the best benefits from your SMSF.