SMSF Audit Brisbane

SMSF Auditor Registration

 

On 23 June 2012 the Australian Government announced the details of the self managed superannuation funds (SMSF)  auditor registration requirements.

From 31 January 2013, auditors of SMSFs will be able to apply for registration with the Australian Securities and Investments Commission (ASIC). All auditors must then be registered with ASIC by 1 July 2013 to continue auditing SMSFs after this time.

Auditors will be subject to a $100 registration fee and a $50 fee when submitting their annual statement to confirm details of their registration.

For more information visit Treasury website here

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Guide to self-managed superannuation funds

Setting up an SMSF

When you set up an SMSF you become a trustee (or the director of a company that is a trustee).

What it means to be a trustee

A trustee is responsible for running the fund and acting in the best interests of the members. As a trustee you need to manage the fund and its investments separately from your own affairs.

How your SMSF is regulated

We administer the relevant super laws for SMSFs, work with you to help you meet your obligations and verify compliance, but we don’t provide financial or investment advice.

Laws, rules and consequences

You’re also responsible for running the fund according to its trust deed and the super laws. If you don’t, the tax concessions that normally apply to your super may be affected and you may face penalties. Your fund must be run for the sole purpose of providing retirement benefits for the members.

Steps to setting up an SMSF

Your SMSF needs to be set up correctly so that it’s eligible for tax concessions, can pay benefits and is as easy as possible to administer. Here are the steps to setting up your fund:

  1. Appoint an SMSF professional to help you set up and run your fund
  2. Work out the structure of your fund
  3. Make sure you (and the other members) are eligible to be a trustee
  4. Check the residency of your fund
  5. Create your trust and trust deed
  6. Appoint your trustees
  7. Record each member’s tax file number
  8. Open a bank account for your fund
  9. Register with the ATO
  10. Prepare an investment strategy.

To read more click here

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Audit Fee Quote

smsf-audit-fee-quote

Contact Us

Toll-Free: 1300 661 069
Phone: 03 9098 8658
Fax: 03 9746 6330

Melbourne
Level 40 140 William Street
Melbourne, VIC 3000

Postal Address:
PO Box 2050
Melton South VIC 3338

SMSF AUDIT
CPA-Public-Practice

SPAA Specialist Auditor

SPAA Specialist Auditor

Shiv Parihar is a SPAA accredited SMSF Specialist Auditor™. He provides SMSF auditing services independently, conflict free and in accordance with professional audit standards.