self managed super fund Accountant & Auditor | Fremantle Perth
self managed super fund | Accounting & Tax Services
Self managed superannuation funds (SMSFs) are savings for retirement. It provides greater control and flexibility for SMSF trustees to manage their investment in the SMSF and planning in the taxation, retirement and estate.
An SMSF must comply with the superfund legislations and regulations to enjoy the benefits of tax concessions. However, the SMSF trustees are placed with onerous administration and compliance requirements, and non-compliance can result in penalties for SMSF trustees.
At Ezzura Tax Advisory, our experienced SMSF Specialist can help in taking the weight of the administration and tax compliance of SMSFs. We can help with:
- Preparation of financial statements
- Preparation and lodgement of SMSF annual return
- Preparation and lodgement of Business Activity Statements
- Administration of SMSF
- Tax compliance of SMSF
Self managed super fund Audit
Self managed superannuation fund’s covers the financial audit and the compliance audit. The financial audit is to ensure the financial statements represent a true and fair view of the financial position of the fund. The compliance audit is to ensure the fund does not breach the requirements in the SIS Acts and SIS Regulations.
Self-managed superannuation funds (SMSF) must be audited every year by an ASIC registered auditor to remain a complying fund and be eligible for tax concessions. The trustee of an SMSF must appoint an SMSF auditor not later than 45 days before the due date of the SMSF Annual Return.
In a compliance audit, the auditor is required to identify contraventions and is obliged to report the contravention to the ATO. The common contraventions identified are:
- The definition of an SMSF
- Trustee or director is a disqualified person
- Not keeping accounting records
- Breach of the sole purpose test
- Related party transactions
- Arm’s length requirements
- Borrowing restrictions
- Record-keeping requirements
- Investment strategy requirements
- Investment restrictions
- Valuation of fund assets
- Illegal early access to member balance in an SMSF
- Asset of the SMSF is subject to a charge or lien
- Contributions to super rules
- Exempt current pension income
When a contravention occurs, it could breach more than one contravention. All contraventions must be identified timely and rectified to ensure that the SMSF remains in its complying status.
At Ezzura Tax Advisory, our SMSF auditor is an ASIC registered SMSF auditor who has the experience, ongoing professional training, competency and independence required to perform quality and timely audit for your Self-managed Superannuation Fund.
