This entry was posted on Monday, September 22nd, 2008 at 5:07 pm and is filed under Auditing, Self Managed Super, Superannuation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Every year, trustees of SMSFs are legally compelled to appoint an approved an auditor to conduct a financial and SIS compliance audit on their self managed fund.
Trustees can be fined up to $5500 if they do not have an audit report prepared by an approved auditor every financial year.
What is contained in an audit report?
The auditor provides the trustees with an audit report on the operations of the superfund for the relevant income tax year.
The audit report must be provided in an "approved form" specified by the ATO and contain a review of the SMSFs prepared financial accounts, minutes and records and check that the trustees have complied with all necessary Superannuation Industry (Supervision) Act 1993 regulations.
The auditor must express an opinion as to whether or not the self managed fund and its trustees have materially complied with SIS regulations and that the fund is operating correctly for the benefit of its members.
Who can prepare the audit?
There are two approved auditors at Prouse Family Accountants, Rob Prouse and Carel van der Merwe. Both men are Fellows of the National Tax & Accountants Association (NTAA) and have extensive experience auditing self managed funds.
When must the audit be completed by?
The final lodgment date differs for some superfunds – but typically, all 2008 audits must be lodged with the ATO before 31 March 2009. We ask that trustees have all necessary paperwork in our office before 15 December 2008.
If your papers arrive after the deadline, your audit will be late and you may be penalised by the ATO.
How much will it cost?
Honestly, it depends on the size, complexity and type of investments made by the superfund. Typically, our fees start from $440 for the audit report.
If you would like a quote on your specific superfund, please call our Marmion Office on 9246 9055 and make an appointment to see Carel or Rob.
Need more information about your SMSF obligations?
We strongly recommend every trustee familiarise themselves with the ATO’s guide book for trustees, DIY Super- its your money …but not yet!
If you have any questions, please do any of the following:
- Contact the ATO on their superfund hotline, 13 10 20
- Ask your financial adviser or fund administrator
- Ask a representative body, such as Taxpayers Australia
- Contact us on 9246 9055
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