OK… where do I start?

(1) Start by downloading the relevant documents we need completed for your audit here Documents to Complete for your SMSF Audit

(2) Next, complete our general information form here and load your completed documents SMSF Audit Enquiry and Document Loading

We'll be in touch shortly after that to confirm a price and timing for the Audit.

 

Can I pay for my Audit online?

Presently, no, but its on the agenda.

For now, we complete your audit then invoice you for the work done.

Will my fund be audited by the ATO?

If your auditor lodges a contravention report with the ATO there is a chance that the ATO will then do an audit in the future however this will depend on the level of non-compliance and whether or not you have taken corrective action.

Do you do audits for accountants as well?

Yes, we do.  If you are an accountant or accounting firm looking for a reliable source to get your accounting clients's super funds audited, Eagle Super Audit Brisbane are up to the task,

How much does it cost?

Start price is around $385 however will depend on the number of transactions and investments in your fund.

I’m not from the Brisbane…. Does that matter?

No - we audit Self Managef Super Funds all over Australia.  The beauty of the internet is it brings everyone closer together.  The audit process involves us sitting down with your documents rather than sitting down with you... so where you live is not a factor for us.  You won't need to attend our office, simply send us in your documents and we will take care of the rest.

How long will it take to complete?

We aim to get your fund audit completed within 3 working days provided we do not require any further information.

When do I need to Lodge my SMSF Audit By?

Your super fund must be audited prior to your lodgement of the taxation return for the fund so it will depend on your lodgement date for your super fund and this question is best answered by your accountant who is preparing your taxation return.

How often do I need to get my SMSF audited?

Currently that is annually.

However, the Federal Government announced in 2018 that they are considering changing this requirement to a three year cycle, for complying funds. If this change takes place there are a lot of issues to consider You might want to read the submission to the Government from the IPA (Institute of Public Accountants) on this here .

Issues include: Trustees will still have every year audited, but this would be completed once every three years. If trustees have made mistakes or inadvertently contravened regulations, the problem will only compound over three years. It is likely it will take more time and money to fix than if the issue had been picked up after a year.

Costs to rise for fewer SMSF audits? There will be savings for some funds, but for many there won’t be any cost reduction at all, and for some an increase in costs is likely, three-year audits may work for very simple funds, for instance those that only hold cash or managed funds but most funds are not that simple.

Audit as checks for good administration. Rather than view the audit as an impost, a better approach is to see it as a useful tool to help ensure the smooth running of the fund. The audit gives trustees an invaluable check they are administering the fund appropriately. SMSFs are complex, so instead of looking at the annual audit as a burden they should be looking at it as a tool that supports their role.

Serious consequences for SMSF auditors. This is going to create serious resourcing issues, which may increase costs for us and for our SMSF clients.

Who will decide audit timing? Which party will drive the timing of the audit – the trustee, the auditor or the Australian Taxation Office? This is not clear yet.

When more details are released we will be able to make a better assessment of any potential savings or costs. Until then, we can’t work out what the real impact will be.

How Can I get you my documents? Fax? Email? Carrier Pigeon?

Our preferred method for receiving forms is via our enquiry form/document upload form here SMSF Audit Enquiry and Document Loading.

Alternatively, you can:

   Email Us: auditing@eaglesuperauditbrisbane.com.au

   Mail Us: Reply Paid Mail 85279, EagleSuperFundAudit, Eagle Heights, Qld 4271

   Or personal delivery: Level 1, 34 Southport Avenue, Eagle Heights, Qld 4271.

Regrettably, we don't currently offer a courier pigeon service, so we hope one of the above options will suffice.

 

What Documents do you need from me?

Please download these documents, we will need these completed and returned in order to complete your Self Managed Super Fund Audit

  • Trust Deed,
  • Copies of Bank Statements,
  • Tax Return,
  • Investment Strategy,
  • Minutes of Meetings of Trustees throughout the year stating decisions of the fund,
  • Property Purchase Documents/Valuations,
  • Loan Documents,
  • Creditor Documents,
  • Share Portfolio Statements, plus Buy/Sell Contracts for trading throughout the year.

How do I setup my Super Fund Name?

This is done by your accountant when you have your super fund setup as it will depend on whether or not you decide to use a corporate trustee or act as individual trustees.