FAQ

The long-term savings arrangement that operates primarily to provide income for retirement is known as Superannuation. Superannuation in Australia consists of self-employed, employees and employers making significant additions to a superannuation fund over a length of time.
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A Self Managed Superannuation Fund (SMSF) is a structure established for 1-4 people helping them to create savings for retirement with support from the government in the form of reduced tax rates on the investment earnings instead of marginal taxation rates outside the super fund. Due to these added tax benefits the government doesn't allow the members to access the fund early until retirement.

A Self Managed Super Fund offers you several advantages:

Choice: An SMSF provides greater investment freedom and maximum control over your superannuation funds. The super fund can be invested in a wide range of investments including property, shares, cash or any other assets that suits the investment objectives of the super fund.

Flexibility: The flexibility to decide i.e. how your super funds are invested and how the super fund is to be operated.

Easy management: Active participation in the management of the superannuation fund is possible.

Effective Planning: A Self managed superannuation fund (SMSF) can be customised to be used for effective retirement planning and estate planning.

Tax benefits: Investing in an Self Managed Superannuation Fund (SMSF) has tax benefits that make superannuation funds a strong wealth generation strategy. A tax concession of 15% applies to the income of the super fund, including contributions for which the tax payer has claimed a tax deduction.

Realised capital gains on investments held for more than 12 months are taxed at an effective rate of 10%. Tax can be lowered through the use of franking credits and the offsetting of capital losses.

However, setting up an SMSF is not for everyone. It does require at least a basic knowledge of the ato superannuation rules and legislation that they as Trustees must comply with and the use of an experienced superannuation fund adviser.

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An SMSF is best suited to those people looking for maximum control over their superannuation funds. This also involves certain regulatory responsibilities placed on trustees of the SMSF and to work at managing their investments.

Self managed superannuation funds offer many advantages to small business owners and high net worth individuals. They are usually most cost effective when assets exceed $100,000. If deciding to set up an SMSF with less than $100,000, you need to consider the ongoing administration costs.

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Simply phone or email us. We will then send you a Terms of Engagement Letter via DocuSign outlining the terms in which we will work with you in your role as the accountant.

Once you send us the signed letter, we will send you SMSF checklist detailing all the required documents, as well as procedures and other information to help you to use our service.

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All of our auditors live and work in Australia. We do not outsource any aspect of our service to third party providers or overseas. This ensures that the privacy of your client’s information is fully secure, safe and also complies with professional standards and privacy laws.

All of our SMSF auditors are ASIC registered SMSF auditors and have significant experience in SMSF Audit.

You will receive a report of their findings in writing addressed to the trustees, highlighting any financial and compliance issues with the fund, as well as reporting any relevant contraventions to the Regulator.

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Yes. We already audit SMSFs online in this way as our clients use ClassSuper and BGL.

Being a technology based SMSF audit firm, we are flexible and can audit funds through any platform.

Simply provide us with auditor access and we will do the rest. If you’re not sure how to do this, contact us and we can provide you with instructions.

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We will contact you and provide an open channel of communication to discuss ways in which material breaches can be rectified.

Vinay Arora has significant experience in dealing with material SMSF breaches. She works exclusively with accountants to provide technical, strategic and SIS compliance advice at all levels.

We provide you with a draft copy of the Audit Contravention Report (ACR) prior to lodging it with the ATO. This gives us a small window of time to work together and facilitate the best outcome for the trustee when an SMSF breach occurs.

Depending on the breach, the ATO will be more lenient when the ACR shows that the trustees have either rectified the breach or is on the path to rectification.

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No problem – it’s all part of the service. As a client, you have complimentary access to our SMSF technical support service for all funds that we audit.

Vinay Arora Director, is a SMSF Advisor and a recognised industry leader on SMSF Audit. Vinay has actively managed and found resolutions to complex SMSF audit issues for many of our clients..

Viney and her team of SMSF Audit Specialists will ensure that your SMSF clients are compliant, or well on the path to being so.

Source: superauditors.com.au

Our turnaround time is usually 3 business days, which doesn’t include the time when we are waiting for information from you.

We’ll contact you each time we put the audit on hold. For your convenience, a status report displaying this, and other information, can be viewed online securely through the Audit Portal.

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Our expert team prepare all these documents.

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According to the ATO, scanned paper records into electronic form are acceptable as audit documents provided that the electronic copies are a true and clear reproduction of the original paper records. This is outlined in our terms of engagement letter with you, as the accountant.

SuperAuditors fully complies with the ATO standards of record keeping requirements under the tax laws that include:

record retention;
data security and integrity;
system documentation;
reatining archival copies; and
accessibility

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We have developed an SMSF Audit Checklist accessed via our website so that you know what SMSF documents are required for audit. It is easy to use and will save you time and money.

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We offer a fixed fee for the audit of SMSFs. This way, you know exactly what the audit fee is for each fund and there are no surprises.

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The audit fee is fixed, but there is an additional fee if we have to lodge an Auditor Contravention Report with the ATO.

And depending on the fund, there may also be other disbursements including the cost of property title searches or bank audit confirmations .

There are no other fees applicable.Contact us for more information.

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If the audit has started and audit review points require answering, we will call you to discuss these over the phone. We will send you email regarding the required documents and queries.

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At the end of each audit, an email will be sent to your firm containing a pdf copy of the audit report, audit management letter and our invoice. The audit reports are also available for download from the Audit Portal at your convenience

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In line with Australian Auditing Standards and best practice, we will request a bank audit certificate when the cash component of the fund is material. We will review the fund, determine if bank confirmation is necessary and then communicate this to you.

This includes, but is not limited to, confirmation for bank accounts, cash management trusts, term deposits, wrap accounts, managed funds, brokerage and fixed interest accounts. .

We will request your client sign an ‘Authority to Obtain Information’ letter and then prepare the request, mail it out and follow up the bank or financial institution on your behalf.

We have developed an extensive database of key contacts and procedures for large banks and most financial institutions in Australia. As a result, our Audit Support Team has been successful in significantly reducing the average turn around times for bank audit confirmations.

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We will obtain annual property title searches for all properties in the fund at the time of the audit, including those held in related entities.

We do this to ensure that there is no mortgage or encumbrance on the property, which is especially important in light of the current economic environment. It also confirms that the trustees have been correctly registered on the title.

The cost of the search is included as a disbursement on the final invoice, which varies from state to state. The average cost is approximately $20.

Source: superauditors.com.au

No. All correspondence and communication is undertaken with you, or your nominated representative, from your office. This way you remain in control of your relationship with your SMSF audit client.

Source: superauditors.com.au