North Sydney, NSW-------While talking about SMSF Accountants the first and foremost thing that comes up in our mind is that makes a SMSF audit costs too much? Every year, many companies publish several average fees of audit which gets incurred by some SMSFs. Below is a discussion about the topic which will let you clear about the topic.

A SMSF administrator or an auditor is charging more fees than what is usually charged as audit fees and this is perhaps the reason of the mandatory audit nature. At times it even costs even thousands of dollars, whereas holding only lacks of dollars. But if you make a bit research, then you may come up with some cheaper options, but that does not hold any kind of transparency within it. In this case if you make a conversation with some trustees then you would learn a lot of concerns about this cost increment for even the smallest SMSFs.

In fact, this very topic of the price increment belongs to be one of the hottest topics in the world of SMSFs. A financial audit and an annual compliance of your Self Managed Super Funds remains one of the most compulsory needs and henceforth cost can show a wide variation in between all its providers.

The fund audit cost can be depending on several factors which may includes:


The super fund's complexity
Total members involved in it
The total number of strategies of investment
Transaction numbers
Investment complexities
Whether it is the pension phase that the super fund is in
Whether the fund consists of members both in its pension as well as the accumulation phase
Whether the deeds of trust get tailored as per the particular requirements of the members involved in the fund
You have all rights to ask such kind of questions as soon as you are unsure about the service cost which you would receive. And if some SMSF accountant is not ready to answer any to give you proper information regarding the same, then you should not be using any of them.

On average, how much does a SMSF audit would cost?

Here you can have two points as reference so that you can make a comparison with the costs of the SMSF audit with the costs which will get incurred by some other SMSF.

1) An analysis, which is completely based on the service providers of 25 SMSF

2) Which statistics are released based on the audit costs of the SMSF

For information it is to be noted that if some super funds have got too many transactions of investments or better to say complicated investments certain providers or SMSF accountant will be charging up a few thousand dollars which at times can even escalate a few more. So before you actually take any kind of decision make a bit research and count up your bucks as that will help you in choosing the right one. Make your audit with the right kind of person and enhance your business.

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