SMSF Tax Auditing Services in Melbourne | Quick SMSF Accountants



SMSF Tax Auditing Services Melbourne
                                           SMSF Tax Auditing Services Melbourne

SMSFs must have their financials audited on an annual basis by a certified auditor. This means that the financial statements of your fund will need to undergo thorough review and analysis, which can help you to follow rules and regulations associated with investing money into it!

SMSF Advisers

When it comes to SMSFs, the most crucial responsibility to fulfill before filing an annual SMSF tax return is auditing. An SMSF auditor is there to make sure the financial records of your fund are in order and that you’re following all applicable laws. Every year, a qualified SMSF Auditor must audit all SMSFs.

Apart from SMSF administration, Quick SMSF Accountants have SMSF professionals that are well-versed in audit compliance and superannuation legislation rules.

Quick SMSF Accountants provides a high level of quality assurance with a short turnaround time, regardless of how large and time-consuming the audit is. We do research and analysis on the fund, develop an audit plan, and allocates resources accordingly.

Our SMSF audit team is experienced in tailoring audit techniques to meet the needs and expectations of individual clients. Our highly trained workforce has the necessary expertise to conduct audits efficiently and cost-effectively.

Visit here:  https://www.quicksmsfaccountants.com.au/smsf-tax-return-audit 


Location: 47 Aintree Cl, Clyde VIC 3978, Australia

Comments

Post a Comment

Popular posts from this blog

SMSF Super levy Cost and Guide

Image
  When you set up an  SMSF  several costs are involved in setting up the fund and ongoing operations  of the fund. Some of them are one time payment like  SMSF Set Up  and other are occurred every year  like  accounting fee , audit fee etc. One of them is the ATO supervisory levy which is paid every year  by the fund from inception till wind up. How much does Super levy cost? Currently ATO super levy is $259 and is paid as part of tax payment for the annual return. Since 2014  financial year super levy remained at $259 and for the existing funds it was adjusted to $259 in 2013  and 2014 financial year  tax return  lodgement where levy for 2013 was $191 but $321 was charged  and for 2014 it was $259 but $388 was charged to make it advance payment for one year for existing  funds. For newly funds with first time lodgement of return from 2014 financial year Super levy was  charged $518 which includes $259 advan...
Read more

SMSF expenses and are they tax deductible?

Image
  Expenses incurred in running the  self-managed super fund  are generally tax deductible but there are some expenses that are not tax deductible. Expenses can only be claimed if they are according to the Superannuation and tax laws. Like any other entity in Australia expenses must relate to earning assessable income of the fund.  SMSFs  are taxed at concessional rate of 15% in Australia and all fund earnings, assessable contributions (employer or member) are taxed at this rate except certain conditions for example for non-complying fund. Some expenses that are capital in nature are not tax-deductible example being cost to purchase asset. How does the  SMSF  expenses deduction work if the fund is in accumulation phase or retirement phase? If the fund is in the accumulation phase and expenses incurred in earning taxable income are tax deductible. On the other side if the fund is in the pension phase and income generated by the fund is non-taxable then e...
Read more

Does an SMSF accountant have to be different from an SMSF auditor?

Image
  Yes, they must be different. It’s the law. Every self-managed super fund must go through an annual audit. It’s a requirement set by the  Australian Taxation Office (ATO).  The audit includes two things: a financial audit and a compliance audit. The audit is done to make sure that your  SMSF  is working within the superannuation laws, and all your financial records are accurate and duly recorded. Here is an important thing: your  SMSF accountant  and your  SMSF auditor  cannot be the same person. They can’t even be a part of the same team doing both jobs. It’s like saying that the person giving an example is the same person who checks the paper. The reason is simple. The person reviewing the work ( SMSF auditor)  shouldn’t be the one who prepared it ( SMSF accountant ). That’s the only way the auditing remains fair, transparent and reliable. If your  SMSF accounting  and auditing are handled by the same person or the same agen...
Read more