Starting an SMSF fund is a wise step to make in life. This fund allows young people as well as the older generation to save for the future. Everyone is talking about financial security; the benefits and how to achieve it.
Setting up an SMSF should be the starting point. However, starting this retirement fund needs a lot of documentation and also understanding the rules governing the fund. The rules are set and regulated by the Australian Taxation Office (ATO). Learning all the rules and making sure that the fund is fully compliant is never easy especially to those with no financial education background. For such people, the only option is to consult SMSF experts.
One important rule as per the ATO guidelines is that every fund must be audited. Not all trustees have the capability to audit the fund; besides the ATO rules states clearly that an independent SMSF auditor must audit the fund. It means that you need to look for the best auditor in the market. Look for advisers who are competent and one that can be trusted. Remember that SMSF has a lot to do with your future financial security and so do not compromise or be wooed by cheap and unethical auditors.
With the internet technology, SMSF auditing is becoming accessible. There are many companies today that offer web SMSF audit services. Such services save you money as the services are affordable as compared to hiring physical auditors. Selecting such a company needs a lot of care and research to avoid being scammed and exposing your financial information to people who can not be trusted. To be sure you are hiring the best company, here are some things you might want to consider:
For any SMSF auditing company to deliver professional results, they must be qualified well trained. The financial advisors, accountants, and auditors must have the right certification to prove that they can handle the work. You should also go further and know where they studied just to make sure that the institution is reliable.
No one would want a trial and error job when it comes to issues of money and resources. Look for an auditing firm with at least five years of experience to be sure that they understand all the constraints when it comes to dealing with SMSF. The advantage of having an experienced company is that you can have referrals. The company can provide you with a few contact of previous clients so that you can enquire from them about the services they received.
You need to consider the reputation of an SMSF auditing firm before hiring them. You can ask friends about a particular company or do your research online by reading reviews of different firms to know what the past and current customers are saying about the services. If a company has a bad reputation, you cannot expect professional services, and so you should keep off such companies.