Tax & Super Australia (TSA) has come to an arrangement with audit service provider Assured Super on behalf of TSA members. The resulting member-exclusive offer provides an audit package that will take care of the required annual financial and compliance audit by a third party.
The inclusive and competitive audit package is offered for a flat fee of $380 (plus GST) for TSA members, with no add-ons should the audit prove to be more complex. It also covers the costs of disbursements for title searches and company searches. (Scroll down for the link to order your own SMSF audit.)
In addition, in the rare occurrence a fund has a compliance breach, the package also includes a qualified audit report, management letter and, if necessary, an audit contravention report if required. All of these are included in the fixed price structure.
The working papers and documentation all conform to the Australian auditing standards and standards on assurance engagements.
An initial consultation, which is generally about 15-minutes and is offered free to TSA members, will map out the auditing process, the information required and the most efficient delivery of records. As well, Assured Super offers free accountant assistance via telephone, within reason, for audit-specific issues. A quick call can often clear up problems much more efficiently.
Assured Super’s systems and processes were reviewed by the ATO in 2016, with no issues found. SMSF audits have been known to drag on for up to a month, as some trustees have experienced. Assured Super guarantees a one-week turnaround in most cases. The process also incorporates regular audit status updates should this be necessary.
That the audit is completed entirely in Australia ensures that not just compliance but privacy concerns can be taken out of the picture.
To find out more, or to begin the process of ordering an SMSF annual audit, click here.
SMSF trustees, or practitioners with trustee clients, may find the following pointers provided by Assured Super to be of interest — depending on the fund’s circumstances:
- by having a corporate trustee it is very difficult to breach regulation 4.09A separation of assets rule
- for a fund that is in part pension phase and part accumulation phase, the trustee may be entitled to a higher tax deduction by using the formula found in TR 93/17
- the fund may be entitled to a significant tax deduction for a “Deduction for a Future Liability” as a result of a death benefit
- superannuation benefits are protected from creditors during a bankruptcy
- a trustee may continue to claim an exempt current pension income deduction after a member’s death
- members can satisfy a condition of release by ceasing an employment arrangement after reaching age 60
- members can appoint an enduring power of attorney as a trustee/director of the corporate trustee if they decide to live overseas permanently
- an SMSF is permitted to engage in property development, provided it is structured appropriately.
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