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Your super - More than just an accounting job
With the ATO currently conducting
an extensive audit campaign targeting Self Managed Super Funds (SMSFs), trustees
should be checking to ensure they have
the correct compliance procedures in place.
According to Aaron Clark, CKG Partners, Brisbane, managing a SMSF is
more than just a straight forward accounting job.
"Often it is the lack of administration process which gets trustees into
trouble, not the actual investment strategy and execution," Mr Clark said.
"Complying administration and management is not just about adding up the
numbers, it requires a customised reporting system to ensure that all the correct
documentation
is accounted for.
"At CKG Partners we have a sophisticated reporting system which can
accommodate administrative issues such as member statements," Mr Clark continued.
With the ATO aiming to audit one in five SMSFs now is a good time to review
your administration processes with your CKG Partner adviser.
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