The asset value of self managed superannuation funds in Australia is close to $400 billion. It’s no wonder the tax office is paying special attention.
If you have a Self Managed Super Fund (SMSF), or are contemplating establishing one, there are a lot of questions you need answered.
- Should I be setting up a SMSF and what will it mean to me and my super?
- Can I use the assets of my SMSF to benefit my business?
- Who can be in the SMSF?
- What do I need to do to keep the SMSF compliant?
- What assets can the SMSF buy?
- Can the SMSF borrow money to purchase assets?
- What should I be doing to make the most out of my SMSF?
The rules surrounding SMSFs are complex. You need to know what you can and can’t do with your SMSF and importantly, how to utilise your SMSF in the most effective way. Then there are the compulsory audit and compliance requirements.
Hayes Knight offers a complete suite of superannuation services, giving you access to both the advisers who can help you establish, manage and grow your superannuation, and the team that can ensure your SMSF is well run and meets all of its audit and reporting obligations.
SMSF audit & compliance
Keeping on top of the regulatory requirements for Self Managed Superannuation Funds (SMSFs) is an onerous task. Luckily, Hayes Knight has specialist teams who focus exclusively on the needs of SMSFs. Generally, there are two keen and completely separate areas to be addressed to keep your SMSF compliant:
- The audit of your SMSF; and
- Your tax and accounting compliance needs
Audit of SMSF
The Superannuation Industry Supervision Act 1993 requires trustees of a SMSF to have their fund audited each year by an approved auditor. The audit provides both a financial audit and compliance audit of the fund’s operation.
Hayes Knight SMSF auditors not only meet the requirements as approved auditors, we are professional leaders in the field.
Hayes Knight train the accounting profession how to audit SMSFs and manage the range of regulatory and professional requirements placed upon them. We also act on behalf of other accounting firms who cannot fulfil these audit services for their clients.
SMSF tax & accounting compliance
To keep your fund compliant and maintain its beneficial tax status, you need an experienced team who can keep on top of the changing regulatory environment. Working to a high procedural standard, we ensure that the checks and balance are in place to keep your fund compliant and ensure that all of your reporting requirements are met.
Next steps
Talk to a Hayes Knight SMSF auditor near you who can assist you with your funds audit needs. They will organise a time to have an initial conversation with you about your requirements.
If you choose to move ahead and engage us to manage your funds audit obligations, we will issue you with an engagement letter identifying the scope of what we will be doing for you, who in our team will be doing it, the likely cost and payment terms, and the terms that we operate under. Once the engagement letter is signed and we have accepted you as a client, we get underway.
Any compliance requirements of your fund will be completed by a Hayes Knight accountant experienced in superannuation. They will take your through your requirements in this area.
If it any point we come across issues not identified in our initial engagement, either problem areas or opportunities to improve the funds management, we will talk to you about them and clarify these with you.
If you need advice on whether you should establish a fund, the use of fund assets, the best way to structure contributions, and managing pensions, talk to a financial planner in a Hayes Knight office near you who can assist you. They will organise a time to have an initial conversation with you about your requirements and your goals.
If you need assistance to efficiently manage your SMSFs compliance, reporting and auditing requirements, talk to a Hayes Knight SMSF auditor today.
