About the SMSF - Minute to Appoint an Auditor

Fully compliant with 1 July 2007 Commonwealth legislation being the "Plan to Simplify and Streamline Superannuation"


Minute to Appoint an Auditor

What is a SMSF?

A SMSF is a Self Managed Superannuation Fund. This is a Superannuation Fund that you operate and run by yourself. A SMSF consists of 1 to 4 members. All of the members are trustees of the fund. Even though you run your SMSF yourself, you will need to have an Accountant and an Adviser to help you.

Why do I need these minutes?

The purpose of this Minute is to formally appoint an auditor for your self managed superannuation fund. The Trustees are required to appoint an auditor to audit the self managed superannuation fund's accounts pursuant to Section 113, Superannuation Industry Supervision Act 1993. The failure to appoint an auditor and to perform an audit may lead to significant penalties for the trustees and / or auditor

What is an auditor?

An auditor is a person who is an expert in examining, investigating and verifying whether the super funds accounts are accurate. The auditor also determines whether the super fund has complied with the Superannuation Legislation.

Can you afford to slip up?

Can you afford the Australian Tax Office auditing your fund or stating your fund is not complying?

WARNING

If you fail to keep a record of minutes the Tax Office may state your fund is non-complying. A non compliant fund is not entitled to any tax concessions and is taxed at the highest marginal tax rate.