smsf audit related tips

 Auditax Accountants provide  SMSF Audits is a professional Self Managed Superannuation Fund (SMSF) auditing firm with offices in Perth and clients all around Australia. Working with complex SMSF concerns and Superannuation legislation requires substantial experience and knowledge. We are completely independent and situated in Perth, and we provide competitive, personalised, and fast audit services. We use the most up-to-date cloud-based technology and a secure Australian-based upload site to provide you with piece of mind. The SMSF compliance expert is Dharam Ghangas. He has worked for one of Australia's major independent SMSF audit firms and was the former chairman of the Auditax Accountants.  Dharam has also been a lecturer on SMSF Compliance and had his work published in the SMSF Advisor. https://www.behance.net/gallery/145985517/best-advice-with-experience-accountant-for-Smsf-Audit https://www.evernote.com/shard/s453/sh/4160883...

  There are those who believe SMSF services are costly and hard to manage.   But, for an owner of a small business, the advantages are far greater than the drawbacks.   An effective SMSF allows you to invest in commercial properties inside your own super fund, that not only offers regular benefits but also enhances the value of your fund.   Learn more about the top six advantages of having a fund as a small-business owner. Reduction In Capital Gains Tax The ability to include commercial properties in their fund is just one of the many advantages that small business owners can enjoy from SMSF AUDITOR .   The law that governs superannuation prevents anyone from transferring his or her home to a fund, however, this is not the case for commercial properties.   Office buildings and office spaces are able to be easily transferred into an SMSF and can help lower the taxes on capital gains. In the same way, if you have to dispose of a commercial asset within ...

  Nearly 18,000 SMSF trustees received a letter in September 2019 from the ATO...with love...about SMSF investment strategy. It pointed out a lack of diversification. The question is: What should an SMSF investment strategy look like? How should it look? ATO Letter :> What did September 2019's ATO letter about SMSF investment strategies say? The ATO wrote, Our records show that 90% of your SMSF investment strategy's funds may be held in one asset or one class. Your fund could be at risk of not meeting the... the SIS Regulations diversification requirement. You, as trustee, are responsible for ensuring that your investment strategy conforms to the needs of the law em>  The ATO then gets the big stick. They might have been worried about not being taken seriously. They continue to do so. If your investment strategy does not meet these requirements, you could be subject to an administrative penalty of $4,000. The ATO then concludes by getting the auditors involved. ...

  Online SMSF Audit Anyone who wants to become an approved SMSF auditor must pass the competency exam to work as an Approved SMSF auditor. We face a lot of challenges when conducting quality audits, even though we are approved with ASIC. We are still doing manual audits. This means that we must travel to the Accountant's Office in heavy traffic, spend some time during office hours, and complete Audits. We also have to work in our Office to produce reports, which results in the Completion of SMSF Audits . We might forget to verify all points if we rush. This manual process is no longer necessary. You can upload all documents from your Accountant's Office. And you can also work from home or from your Office with our cloud-based online SMSF audit tool. It allows you to work online and gives you complete control over quality Audits. You can also define the Scope of the Audit and create an Audit plan . Get this paper-free online audit software now! Other services they offer incl...

Follow my blog with Bloglovin It is very important that your SMSF meets the residency test because the consequences of non-compliant status can be harsh. If in case, your SMSF fails the residency test requirements, you as an SMSF owner will have to pay the tax at the rate of 45% on the entire amount of SMSF asset less non-concessional contributions in the non-compliant year (the tax rate was increased to 47% during temporary budget repair levy financial years of 2014-2015, 2015-2016 and 2016-2017). The non-compliant status of the fund strips it essentially from all the tax concessions it had for years. Read more about this topic visit website