Well, had my first audit and received my letter from ATO saying that I am now compliant. While I have never had any doubts (I have worked really hard to make it so) I am so excited. HAPPY DAYS! Shiny.
Showing where I had allocated the money, having all the paperwork I guess. Receipts. Investment strategy and also minutes of our trustee minutes. While not hard to achieve, you need to be methodical and consistent. PM me if you need specific help. Shiny.
Dont refund the setup costs! Make them a voluntary contribution and get the governent to match it dollar for dollar (up to $1000 per year)
Great idea but two things on this.... 1) I earn too much to have this bonus from the gubbermint and 2) I needed the cash back!! Shiny. PS - Yes, I did get the set up costs refunded.
We set up our SMSF some years ago, but have only recently started looking at the costs involved to run it. This last financial year we were told that the Audit requirements have become much tighter. The auditor must be from a separate company not associated with your Accountant or Financial Planner (if you have one), and must be at arms length. Cost of Audit $595.00 Copy of your Tax Return and Trust Deed, which must be up to date. You must also provide an audit certificate from each and every bank that is associated with your SMSF. Cost for this is $50-75 per account. An updated valuation of the assets in the SMSF every 12 months. If you have property in the Fund this can cost up to $1500. Of course the way around this is to get a kerbside valuation from your friendly Real Estate agent, but it is sometimes hard to get in writing. This is accepted by the auditors at present, but for how long, who knows. On the subject of Bullion, don't know yet what the Auditors require, but you can bet that you will have to provide some form of sworn value/authority, to get it through an Audit. Having to get all these things, and have them up to date does take some time. I have heard that some Auditors only charge $345 for the audit, so this is the way we will be heading. Lastly, your Accountant will tell you that they only use Auditor XYZ, as they have good service from them. I believe that you can choose which Auditor you wish to use, so it will be interesting to find out. I am providing this information in the interests of all, and hope it will make it easier for all of us. bax
Don't like the way things are heading for SMSF funds here on SS. Seems like the government is looking after the accountants and the bankers.. The government will just keep adding more and more conditions to these funds to discourage more people setting up their own. The other thing that concerns me is that the government knows where all the big hoarders of gold and silver live and how easy it will be to haul it in.. My suggestion to all SMSF members is to still have small amount of silver and gold for immediate access. Thats if you don't trust the government. Regards Errol 43
You were compliant before the audit too Shiny. All new SMSFs are complying funds, just don't get the letter until your first audit.
How much time would you (0r Shiney and nayone else) spend every 6 months on managing your SFSF? I only have around $75k in super, is it worth looking into setting a SMF up or is it only worth it for amounts over $200k?
What I spend is chook feed. Some paper for the printer, bit of ink. Maybe a few stamps if I have to send some things off. I had $80K and my DW $10K so I say GO FOR IT.... the whole $200K thing is not true for me. Remember, it is a self managed super fund, not a pay-the-accountant-to-do-it-for-me Fund.
The first audit is very important and the ATO then states that you are compliant after an audit, as opposed to being compliant in faith. Audits are annually. Yes, there are ATO fees and audit fees but I factor these into my running costs. Shiny.
