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ATO warning highlights need for specialist auditors Posted on October 9, 2018
The importance of having the right SMSF Advice Team has been highlighted by the warning by the Australian Taxation Office that it will penalise self-managed super funds that break the law from 1 July, 2015.
The right SMSF auditor can save you from disaster, and provide value beyond an annual audit report. Advances in technology are encouraging a new breed of SMSF auditor, one that is able to form part of the SMSF strategy team by taking a real-time approach to their engagement.
SPAA SMSF auditors are recognised by ASIC for their specialist SMSF audit knowledge, as well as superannuation law, proving their competency in auditing SMSFs because they are required to have signed off on at least 20 audits in the past 12 months or have undertaken 300 hours of SMSF audit activity in the past year. SMSF trustees and the ATO can trust the accuracy of their audits as they are also required to maintain their currency of knowledge through Continuing Professional Development (CPD) requirements.
The auditor’s report is mandatory and a vital part of the SMSF regulatory system, however, auditors also play an important role in educating trustees and advisers, and hold a unique independent position that can add significant value when it comes to the daily running of an SMSF.
The best SMSF strategists in the industry know the importance of a strategic auditor. That is, a specialist SMSF auditor who has the ability and technical knowledge to:
Identify holes and problems in strategies before they become irreversible
Provide expert advice on complying documentation and step by step implementation that complies with SIS law and aids an efficient audit
Optimise SMSF strategy
Provide a range of alternative solutions to complex problems and situations
Provide an accurate and consistent annual audit report for every client
If you’re looking for ways to improve your SMSF, click here to speak to a specialised auditor. That auditor could one day save you from a disaster, but without doubt add value to your strategy team.