Self Managed Super Fund
Structure and Purpose
The type of trustee chosen governs the main role of a SMSF, which is a separate entity structure. If the rules that it runs by dictate that a Corporate Trustee is needed, it then becomes detrimental that a members’ pension be the reason for preserving and managing funds.
If, on the other hand, the type of trustee selected is an individual trustee, the role of the SMSF then becomes that of providing the pension, as opposed to preserving it.The management of the SMSF becomes responsible for the trustee, whether or not the type of trustee is individual – which involves at least two – or a corporation.
Compliance with Australian Legislation
In order to keep the SMSF compliant with ATO (Australian Taxation Office), a trustee may enlist the help of administrators, financial planning advisers and accountants.Every member of a SMSF is required to be a trustee of the fund, and there can be no more than 4 members.
Every year, it is the trustee’s responsibility to ensure an approved ATO SMSF auditor completes an audit of the SMSF. The compulsory audit requirements of the SMSF financial accounts will be conducted by this auditor who will also make an assessment as to whether or not current superannuation legislation has been complied with for that financial year.
The trustee receives the report that has been produced at the end of that financial year, and the report will show any compliance issues that may have arisen in regards to the SMSF.
You should always gain advice from an independent financial advisor before establishing a SMSF. This will help you to decide if this type of retirement will meet your own personal needs.
Our Role as SMSF AUditors
The reason we are here as SMSF auditors, is to lend you a listening ear whilst keeping our level of independence a professional one. Some firms will provide an ‘all in one’ service, including administration, taxation, and auditing. We differ, because here at Eagle Super Audit Brisbane Auditors we provide you with an independent auditing service for your SMSF – and only that.
Because this is the only service we provide, it enables us to keep professional independence – all the time. To make sure you receive the best quality of service, we constantly update, analyse and review out auditing procedures. We are leagues ahead of any competition, because within our business ethos, we continue to provide a professional education and training structure.If, on the other hand, the type of trustee selected is an individual trustee, the role of the SMSF then becomes that of providing the pension, as opposed to preserving it.The management of the SMSF becomes responsible for the trustee, whether or not the type of trustee is individual – which involves at least two – or a corporation.