smsf audit related tips

 It really depends on the size and structure of the business . Some of the important things to consider are: - Number of transactions: Retail businesses or franchises can often have hundreds of transactions (sales and invoices) to process which can take up a lot of man-hours as compared to service-based businesses which wouldn't need as many customers to be sustainable.  - Number of employees: The more the employees in the business , the longer the bookkeeper will have to spend processing their payroll according to their individual circumstances. - Revenue: If the revenue crosses the GST threshold ($75,000 in AU), the business will have to submit a Business Activity Statement (Quarterly) as well.  - Expertise of the bookkeeper: As you get more experienced and skilled, obviously the time taken to do the work would be reduced as well. There are other factors as well and you may have noticed that they are all related to each other. So really, the answer to this question could be once

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  Self-managed super   funds are a great choice when it comes to investments and financial independence. However, r unning an SMSF is not a child’s play. There is a lot to take care and   SMSF audit is  one of those  mandatory requirement s   that should be  met.    SMSF auditing   should be done by   SMSF  auditor s  registered  with the Australian  S ecurities and Investment  C ommission  ( ASIC ) . App roved  SMSF auditor s   are required to  carry out the financial as well as compliance audit for the  superfunds.   Not sure what superannuation   audit is all about? Read on!   What is  an  SMSF audit?   The SMSF  laws require an  SMSF  to  be audited annually .  Australian SMSF audits can be categorized into two parts:   Financial audits:   While performing financial audits, super fund auditors check whether the financial statements of the SMSF are accurate or not.    Compliance audits:   The purpose of the compliance audit by the SMSF auditor is to make sure that the SMSF is comp