Audit Services

Charity & SMSF Auditing in Coffs Harbour

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NFP Entity Auditing Services

At OTG Accountants, we attend to the auditing or accounting of not-for-profit entities or other charities. We can help you with any queries regarding GST, fundraising, auditing, DGR, FBT, or income tax exemption applications and registrations with the ACNC (Australian Charities and Not-for-profits Commission). We can also assist with the completion of annual information statements.

Contact our Coffs Harbour accountants today on (02) 6699 2826 to organise an appointment.

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SMSF Auditing Services

With the complex area of SMSF and the associated compliance issues that can easily arise, it’s important to make sure you understand your many obligations as the trustee of your SMSF. We have SMSF specialists who can compile your financial statements and annual tax return, check for any possible areas of concern and assist you in any way possible to help you to manage your fund in the most effective way. We work alongside an independent SMSF auditor who offers very competitive rates to conduct annual audits for OTG clients.

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Why Work With An SMSF Specialist?

SMSF stands for Self-Managed Superannuation Fund. It is a type of superannuation fund that is managed by the members themselves, rather than being managed by an external superannuation fund manager. There are many reasons why someone might choose to set up an SMSF, such as greater control over investment decisions, flexibility in estate planning and potential tax advantages.

However, managing an SMSF can be time-consuming and requires a thorough understanding of superannuation laws and regulations. That’s why working with an SMSF specialist, such as an accountant or financial advisor, can be beneficial. Here are some reasons why it’s a good idea to work with our specialists:

Compliance: We can help ensure your SMSF is set up correctly and remains compliant with all relevant laws and regulations.
Investment strategy: We can help you develop an investment strategy that aligns with your financial goals and risk tolerance.
Taxation: We can help you navigate the complexities of SMSF taxation and ensure your SMSF is structured in a tax-efficient manner.
Record-keeping and administration: We can help ensure all required documentation is completed accurately and on time.

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Frequently Asked Questions

What are the requirements for not-for-profit organisation audits?

Not-for-profit organisations (NFPs) may need to undergo an audit if they are a registered charity with an annual revenue of $1 million or more, or if required by the ACNC Commissioner. State and territory legislation may also require audits for incorporated associations or if the NFP receives government funding. Auditors must comply with the Australian Auditing Standards when conducting an audit, which includes assessing risk, obtaining sufficient and appropriate evidence and issuing an opinion on the financial statements.
What documents are required for an SMSF audit?

SMSFs must undergo an annual audit by an independent ASIC-registered auditor, who examines various records and documents to assess the fund's compliance with superannuation laws and accuracy of its financial statements. Documents which need to be reviewed include financial statements, investment records, contribution records, benefit payments and compliance documentation.
What happens if I don't complete an SMSF audit?

Failing to complete an annual audit for a SMSF can result in penalties from the ATO, with administrative penalties up to $4,200 per trustee. Non-compliance with superannuation laws can result in further penalties, enforcement action or cancellation of the SMSF's registration.