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How To Choose An Smsf Auditor In Australia?

By Expert Author: Cruz Martin

It is required by the laws in Australia that an SMSF auditor has to be appointed to audit the Self Managed Superannuation Fund. The Australian law states that the auditor for auditing the Self Managed Superannuation Fund should not be a trustee or member of the Self Managed Superannuation Fund. Thus, the auditor of the Self Managed Superannuation Fund should be an ‘independent’ one. As per the Australian laws, effective from July 1, 2013, it has become mandatory that a Self Managed Superannuation Fund has to be audited by an external or independent SMSF auditor. This SMSF auditor mandatorily must be registered with the Australian Securities & Investments Commission (ASIC). Only an SMSF auditor approved by the Australian Securities & Investments Commission (ASIC) has an SMSF auditor number (SAN) which is issued on registration by the Australian Securities & Investments Commission (ASIC). The SMSF auditor to be chosen must be smart enough to check the Self Managed Superannuation Fund’s compatibility with the laws. In case of any breach found here, the auditor should be generous enough to give the firm a chance to fix this problem instead of reporting this breach of straightaway to the Australian Tax Office.

The Australian law requires that this auditor who has to audit the Self Managed Superannuation Fund cannot be the one who prepared the SMSF accounts. A wise step in this process would be appointing the SMSF auditor well in advance. This will ensure that there is enough time remaining with the SMSF auditor for auditing and lodging the annual return from the Self Managed Superannuation Fund once the audit is complete. The SMSF auditor to be chosen should be scrutinized well to ensure her/his reliability. The SMSF auditor should not be disqualified one. This can be checked on the website of Australian Securities and Investments Commission’s website. SMSF audit in Australia has become easy now because of so many online services companies offering SMSF audit and administration services. For SMSF audit there are two options – directly hire an accountant or hire online SMSF services provider. Hiring online SMSF services is a cheaper and better option here. There is a drastic growth in number of SMSF online services being provided now. Well-known SMSF Audit firms like ARC Super now also provide SMSF Audit Toolkit. This SMSF Audit Toolkit includes audit programs & software, SMSF and also in-house monthly and quarterly SMSF Audit Training. This SMSF training is completely as per the individual firm’s requirements. Online SMSF services form the best option here because they are affordable, and time-saving because of they are automated to the highest extent. Online SMSF services providers like ARC Super have undoubtedly made auditing of Self Managed Superannuation Fund very effective, affordable, and faster.

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