SMSF Audit
Each SMSF Audit is undertaken and completed within 10 working days by a team over 40 ASIC Auditors for a Fixed Fee.
Introduction Accountants
Due to the new APES 110 SMSF Auditors independence guidelines, it is possible that many SMSF auditors may not be able to find themselves "independent" anymore to audit funds where their firm (or network firm) has done more than "routine and Mechanical" administration for the fund.
Download APES - Independence Guide - May 2020 (112 Pages)
Download APES 110 Code of ethics for Professional Accountants (211 Pages)
If you think you are one of these firms, we have a solution for you.
Solution for Accountants / Administrators
Once financial statements are prepared and signed by the trustees, they need to be audited before the income tax return can be lodged. Usually billing to trustees happens at the time of signing and lodgement of income tax return. Hence, it is of paramount importance that the "Audit" happens smoothly and quickly - say within 10 working days.
Our solution brings Trustees, you and auditors on the same platform. Below are the steps which you need to take to get the funds audited quickly:
Step 1
If you are interested for us to audit for you - download our contract and contact Vaibhav on 02 96844199. We offer a free Accounting CRM which can integrate with Your website. You will be able to set up SMSFs without AFSL License and providing advice to your clients and all your Trustee clients will be able to upload documents online from your website. To see how the accountants / administrator CRM looks like use the below credentials.
User Name: demoadmin@demo.com.au
Password: demo123
Step 2
Once you are signed up with us, we will offer you our API and you can integrate with our website and add funds on our platform - this has to be done only once. You can also import from BGL desktop on BGL 360 or with a CSV file
Step 3
Once your website is integrated with ours - you will have a CRM better than most of the largest administrators in Australia for free. You will have the capacity to collect data from your trustee clients - change structure of the fund / lodge form 484 to ASIC / Get financials, tax returns signed digitally by Trustees. You will be able to set up new funds on your website, set up bank accounts and share broker accounts - all this happens on your website as our platform is a white label product.
Step 4
Once fund data for any financial year is collected from the trustees online on our platform or uploaded by you on our platform, it stays there for the auditor to access. You can then upload the signed financial statements for the Auditors Pool to audit.
Step 5
Once the fund is initiated - our Admin team will invoice you based on the below fee - allocate the fund to one of our SMSF Auditors who will audit the fund within 10 days. There are over 40 auditors in our pool currently who are contracted to us.
Download Contract
Please send the signed copy of the contract to vc@trustdeed.com.au to create your account.
What is the cost of each SMSF Audit ?
When you register with us, we will call you and demonstrate how the software works and how to upload documents and how Trustees can be added to the platform. There is no limit on how many funds you upload on our system and there is no fee charged for this service.
The software is free for you.
Once you contact us we will send you a short contract and provide you with a list of documents which we will need for each audit. We will also collect your credit card details for collecting payment of each audit. When you upload a fund, you will tell us what category the fund is - so that we can invoice you and collect money from your credit card as per the below scale of fees. The fee will be charged before our auditors pool commences audit.
We have tried our best to differentiate funds based on our experience and discussions with our SMSF auditors pool on how long it takes to complete an audit of a fund on our online SMSF Audit software, below are these 5 categories:
Type A
$440 Incl. GST : All Members are in accumulation phase. The fund has invested in cash and ASX listed shares and there are no complications in the fund.
Type B
$495 Incl. GST : Type A + some members are in pension phase and the fund owns 1 property without borrowing, additional property will be charged @ $110 per property.
Type C
$550 Incl. GST : Type B + 1 property has a borrowing; additional borrowing will be charged @ $110 per property. (e.g. a fund has 2 properties with borrowings - Audit Fees will be $495 + $110 + $110 = $715).
Type D
$605 Incl. GST : Type C + investments in personal use assets or crypto currencies or an in-house asset etc.
Type E
$660 Incl. GST : Type D + Investment in related trusts (such as 13.22C Trusts) or related non listed companies
Download Contract
Please send the signed copy of the contract to vc@trustdeed.com.au to create your account.
An additional fees of $165 will be charged if the fund has a contravention and an ACR has to be lodged with the ATO.
Administrators do not pay any other fees to use our software and have signed a contract with us.
Why Choose Us
We offer technology for SMSF Administrators and Accountants for free. This technology may take a year to build and cost an SMSF Admin firm over $1M to write it themselves. If you want to future proof your firm and ensure that you compete with the SMSF Administrators operating from the big end of town with a tool which is better than theirs you will choose us.
Contact Us