Audit your Super
Running your own super can be rewarding but legal compliance is essential and requires expert help.
While “DIY” or Self Managed Super Funds (SMSF's) are becoming increasingly popular many trustees are unaware of the legal responsibilities that come with running one.
For example just from a compliance perspective the trustees of a self- managed superannuation fund are required to:
• 
Keep (and retain) accurate and accessible accounting records of
the dealings of the trust for a minimum of five
years
• Prepare and retain an annual operating statement of the
fund’s
financials for a minimum of five years
• Prepare and retain minutes of trustee meetings for a minimum of
ten years
• Keep and retain for at least 10 years, records of changes of
directors of any corporate trustee and all written consents to the
appointed trustee
• Keep copies of all returns lodged and copies of all reports given to
members for a minimum of ten years
• Give written notice to the ATO of any changes to the status of the superannuation entity including if the fund ceases operation
• Appoint an approved auditor and make available all documents
relevant to the audit of accounts and statements and ensure the
audit is completed within the specified period
There’s a lot to do.
Critically, the SIS (Superannuation Industry Supervision) Act requires that the accounts and statements, of a self managed fund be audited each year by an approved auditor. The ATO carries out regular reviews of the work carried out by these approved auditors. At Tax Affair we have auditors qualified to carry out this work.
Using our expertise for your SMSF compliance and management will:
• Give you the peace of mind of knowing you are on top of things
• Allow you to focus on implementing effective investment
strategies
• Answer your questions on what you can and cannot do legally
• Provide simple, clear reporting
In addition:
As a client of Tax Affair you have regular access to trained financial planners who can assist you in the development of a superannuation investment plan that will grow your assets “tailored” in accordance with your particular needs.
You will also have access to property investment via carefully developed and researched funds.
The process is simple.
All you have to do is sign your authority and your authorised Tax Affair auditor will:
• Collect the details of your superannuation fund’s activities for the
year
• Do the audit work
• Follow up your super funds if this needs to be done
• Submit the audit to the ATO
• Provide you with a copy of the audit
If you would like expert help with the running and managing your SMSF all you have to do is give us a call on 03 9923 7755 or email us at info@taxaffair.com.au