How much is reasonable for an audit of a SMSF that only has cash in the bank & one managed investment?
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If a SMSF were to hold 10 different shares, does that classify as 10 different investments to an auditor or one investment because it's all shares?
If a SMSF were to hold 10 different shares, does that classify as 10 different investments to an auditor or one investment because it's all shares?
If its in one managed account (ie Comsec, Westpac Broking etc) the portfolio may count as a single investment to be confirmed. This can often be done online and at no cost. I find most SMSF auditors know the tricks to doing it fast and cheap.
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the foreign outsourcing is an issue with audits as it is with tax. It is a worry and personally wish the government would put a stop to it.
How we have so many Registered Indian, Philipino and Malaysian SMSF Auditors is beyond me, I have raised this in forums many a forum to deaf ears - seems the focus is on 'free SMSF providers, when the focus should be on the qualifications of the 'gatekeepers' who are the auditors themselves.
2 individual trustees, 2 member accounts, 5 investments, 1 Macquarie CMA
$1,140 Admin, financial statements, tax return
$ 350 Annual audit (estimated cost)
From 1 July 2014, the new penalty regime is scheduled to commence for self-managed superannuation funds (SMSFs). This means that any breach reported in an auditor contravention report (or discovered in an ATO audit) could result in fund trustees personally facing significant fines.
This penalty regime was due to start on 1 July 2013, but it was delayed due to the election, with the new government now proceeding with its implementation.
Roughly the below for us
Also of interest was