Effective & Affordable SMSF Audit in Brisbane
Brisbane SMSF Compliance Audit
Is Your SMSF Compliant with Australian Tax Laws?

You may take advantage of tax concessions for your SMSF, which means your income from your fund will be taxed at a concessional rate of 15%. For your SMSF, you need to comply with the existing regulations administered by the Australian Taxation Office (ATO). On top of taxation, you also need to check that your fund is being run in accordance with superannuation laws and implement systems to make sure that you are in compliance. 

Remember, the primary purpose of SMSF is to save for retirement, and you need to comply with the law to ensure efficient setup and ongoing management. There are significant tax benefits for SMSFs, but trustees need to follow the tax and super laws to receive these concessions.

Know Your SMSF Obligations in Brisbane

If you set up an SMSF, you become a trustee of the fund and are responsible for managing your SMSF according to its trust deed and the laws and rules that apply to SMSFs.

The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to fund members. You need to manage your fund’s investments in the best interests of fund members and in accordance with the law. Your investments must be separate from the personal and business affairs of fund members, including yourself.

Administrative requirements include:

  • appointing trustee/s and establishing the trust deed
  • setting an investment strategy
  • holding investments
  • reporting and administration. 

This represents considerable work but the good news is that Vault can do all of this for you.

Vault can assist with the administration and compliance of the SMSF’s investments, we are experts in the following tasks:

  • transfer & deposit of member funds
  • advise and lodge superannuation fund investments
  • manage and filter investment correspondence
  • manage super contributions
  • liaise with ASIC and the ATO as required
  • prepare annual reports, tax returns and independent audits

Significant responsibilities will come with acting as a trustee for superannuation assets but with our help, your SMSF will be compliant and serve its purpose of accruing member benefits for retirement.

How an SMSF Audit Can Help

The ATO and ASIC require strict standards for SMSF auditors. Remember, all SMSF trustees should appoint SMSF auditors no later
than 45 days prior to the annual return is due to be submitted. 
Trustees should provide the auditor with all documents so that
the audit can be finalized.
SMSF auditors are generally tasked to prepare the annual financial and compliance audit of an SMSF. The audit
should be completed before the SMSF can lodge its annual return. 

Fast SMSF Audit from Vault

If you are looking for SMSF accountants in Brisbane to help you with compliance and audit, contact us here or call us on (07) 3608 6800.