Self Managed Superannuation Fund (SMSF) Auditors

A SMSF is a separate entity structure with the sole purpose of the fund depending on the type of trustee selected. Should a Corporate Trustee be required as per the governing rules, then the preservation and management of funds for the sole purpose of members’ old age pensions would be critical.

However if individual trustees are selected then the sole purpose of the SMSF is the provision of old age pensions to members.

The trustees of the SMSF whether individual (must be minimum of two) or corporate (ie Company) are the ultimate responsibility of the operation of the SMSF.

The trustee can use the services of administrators, accountants and financial planners to help assist them in keeping the SMSF compliance with the Australian Taxation Office (ATO) who monitors and regulates the SMSF industry.

A SMSF must have fewer than 5 members and each member must be a trustee of the fund.

The trustee of the SMSF is required to have the SMSF audited annually by an approved ATO SMSF Auditor. The auditor will perform the necessary audit requirements on the SMSF financial accounts and also to assess whether the SMSF has complied with the relevant current superannuation legislation for that income year.

A report for that period after the end of the income year is given to the trustee stating any concerns that have occurred and whether the SMSF is compliant.

Before an SMSF can be established it is recommended that you should seek the services of an independent financial adviser to verify whether this is the right type of retirement structure for your needs.

Our role as SMSF Auditors

Our role as SMSF Auditors is to “listen to you” and at the same time maintain professional independence at all times.

Unlike some accounting firms, that provide administration, tax and audit services, we at Self Managed Superfund Auditors only provide an independent SMSF audit service.

This ensures we maintain professional independence at all times.  We are always updating and monitoring our audit procedures so that we are able to perform our audits at the highest quality.

Continuous professional education forms the corner stone of our practice, and that is precisely what sets us apart from the competition.

Self Managed Super Funds – Advantages

•    Self managed super funds provide you with the opportunity to reduce income tax on investment income and capital gains;
•    Self managed super funds Increase the flexibility of investment choices and the asset selection;
•    Self managed super funds provide control over your total investment portfolio, with the ability to take account of the risk profile of all your assets, including those held outside superannuation;
•    Self managed super funds have between 1- 4 members in the fund and allow the pooling of resources of others with similar financial objectives (for example, a family unit);
•    Self managed super funds provide maximum flexibility in relation to the usage of pension streams;
•    Self managed super funds provide Increased flexibility to use the advantages superannuation offers for those people trying to access Centrelink benefits such as the age pension;
•    Self managed super funds give you the ability to transfer personally owned shares and other listed securities directly into superannuation; and
•    Self managed super funds also give you the ability to own your business’ real property (but not operating assets) in the superannuation fund, assisting funding and cashflow problems for many businesses.

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