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Annual Compliance Service

The main product that we provide is the annual compliance “package” that is required to be completed each year for all SMSFs. The completed package includes:

• Financial statements
• Income tax & regulatory return
• Members’ statements
• Other relevant minutes and forms (particularly those relevant for the completion of the audit)
• Full accounting and auditing working papers (including bank confirmations)

Working Papers

We pride ourselves on the quality and detail of our work papers, which are tailored to make the audit and review process as simple as possible. Once we have completed the SMSF annual compliance work our client firms retain the working paper file.

Audit

Once we have completed the annual compliance work for the fund, it may be audited either by Aquila Super or alternatively, we can return the fund to you to be audited within your firm.

Where we have prepared the annual accounts and you have also elected for us to complete the audit we currently charge a set flat fee of $350+GST* where there are no qualifications. Where the accounts have been prepared externally to Aquila Super and a firm has elected for us to complete the audit only, there is a different fee schedule.

[ * note this fee may change where premiums for PI cover rise or if the ATO issue new guidelines on an increased amount of audit work required to be completed for SMSFs. ]

Fees for Annual Compliance Work

The method that we use to calculate fees is relatively unique within the industry. Rather than base it upon the fund’s asset market values or provide various hourly rates, our base fee is determined by the number of assets held by the fund at either the beginning or the end of the financial year, whichever is highest. It is felt that the number of assets provides a better basis for determining what fee we will charge, rather than the size of the fund or time taken to complete the work. It also provides you with absolute certainty in the fee BEFORE we start the work.

Our base fee starts at $680 + GST for a fund with less than 10 assets. There are also numerous discounts and premiums that may affect the base rate, for example - an early bird discount and a GST registration premium.

Should you require a comprehensive pricing schedule or other detailed information, please contact Fiona Shannon.