Approved auditors of self-managed superannuation funds (SMSFs) in Australia play a critical role in ensuring that funds operate within the legislation and that their financial reports are reliable. One fundamental requirement of the SMSF audit regime is that an auditor must be independent of the accounting work they are auditing. This requirement means that an […]
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Choosing an SMSF auditor is a key governance decision for accounting firms. This article explains what to look for.
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Not all SMSF accounting software has the function of detailed member reporting. An accountant could have reported thoroughly and beautifully on the fund’s financial position, operating performance, investment movements and tax, while not covering all the essential components for member statements. A good member statement should detail contributions made during the year, the type of […]
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Decision to make during setup An SMSF is required to have a trustee. This trustee can be individuals or a company. A company acting as trustee is known as corporate trustee, instead of being individual trustees, members are directors of the corporate trustee. It costs less and is relatively easy to have individual trustees, which […]
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