The Different Responsibilities of Your SMSF Auditor
The Self-Managed Super Funds (SMSF) auditor is your SMSFs final check and balance. The Australian Taxation Office (ATO) wants to see the accounts for each SMSF annually, and it’s the job of your SMSF auditor to supply that data. However, some of the responsibility for ensuring your SMSF runs up to scratch can also fall to you as a self-managed super fund trustee.
With that being said, the auditors definitely have more expertise than any average person when doing the appropriate paperwork and processes. If you want to know the difference they make, here’s a few examples of what they can specifically do for you.
Let’s start with the audit itself. You may have recorded your transactions for the year and ensured that you got it done on time, but the audit can check them to see if you missed anything. They’re good at finding mistakes and sometimes can notice something you missed purely because they have more expertise in the field. This can help you avoid fines or further actions from the ATO.
They can also help you with any tax advice that you may need. Having someone to turn to with specific questions can save you a lot of time, especially if you have a more complicated matter. As such, they can also help you to get the correct forms filled out and deals signed.
If you have specific questions or concerns, they’re also good people to ask about them. They can give you a better idea of what you should be doing and how to do it.
An SMSF auditor is the last port of call before the ATO. As such, they can help you keep on track with the ATO’s expectations. They can also help you to avoid fines and other punishments. As such, if you want to keep your super fund in good standing and keep ATO off your back, it’s a good idea to have an SMSF auditor.
How to Choose an SMSF Auditor
When choosing an SMSF auditor, you have a few different choices. Many companies have their in-house auditor, or they might subcontract the job. You can also ask around and see if anyone you know recommends someone. If not, start speaking with a few different accountants and see what they have to say.
The main thing you want to look for is that the accountant is on board with the self-managed super fund and what it does. They should be familiar with the work you need to do, and they should be willing to help you with a lot of it.
In terms of costs, there isn’t an exact answer. It will depend on how much work you give them, what kind of business you are in, and what type of service you want. It’s a good idea to speak with them about your budget and see what they offer. If you’re unsure, start by asking them how much you can expect to pay for a basic audit, and then you can plan from there.
Conclusion
A good SMSF auditor will help you stay on top of your super fund. This can help you feel more secure and provide you with all the support you need. Be sure to coordinate with them regularly to have an idea of where you currently stand financially.
They will also let you know about other requirements or needed paperwork, so be vigilant and never hesitate to ask whenever you have anything to clarify.
If you are looking for well-trusted SMSF auditors in Australia, look no further than our experts here at SMB Accounting. Our business does Individual tax returns, small business accounting with various small business accounting packages available, SMSF audits, amongst other things. Contact us today and let us discuss all your financial options.