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Understand your SMSFs with Australian Accountants

1) Why can’t the ATO do the audit and why is it necessary?

It is a requirement by law for SMSFs to be independently audited and compliant with superannuation legislation every year. The auditor will need to audit the financial statements as well as be registered with ASIC.

The ATO heavily outsources the audit responsibility as they do not have the resources to audit every fund. The approved auditors are expected to assist in the education of Trustees, whilst the ATO trains its attention on the most serious of cases.

2)  What about excess contributions?

Because of the effects of excess contributions tax, it is essential to have the advice of a SMSF accountant to ensure your SMSF doesn’t become liable. Many excess contribution situations can result from an incorrect assumption in the financial statements or from classification or allocating contributions to the incorrect person.

3) What about record-keeping?

The requirement is for trustees to maintain and keep appropriate records for 5 years. Please see an SMSF accountant in advance to determine what you should maintain for the records.

4) Can my SMSF purchase this asset?

What can be purchased is firstly determined by the super fund trust deed to make sure that the investment is allowed. Secondly you would need to ensure that current super legislation does not prohibit the investment.

Being wary of when transferring assets into the super is worthwhile as well – for example residential property cannot be transferred into the fund.

Partnering with Australian Accountants in the creation and maintenance of your SMSF; allow you to;

  • Help you understand how SMSF’s operate and best work for you.
  • Save time in preparing your accounts, and lodging any returns.
  • Significantly reduce the instance of any costly errors.

We handle all clients, finances and portfolios; whether sophisticated or simple, our firm can provide the solution you require to ensure you achieve your financial goals.

Contact us to have your SMSF enquires resolved today.