Updates to our SMSF Admin Service from 1 July 2024

1. New Tiers for SMSF Administration and separate independent audit

We will be refining our SMSF Administration service into 3 categories from 1 July 2024.

Your Process

For firms who do not wish to adhere to our standardised process, we will be increasing our SMSF administration fee to cover the increase in time and inefficiency of using non-standardised workpapers and manual coding of bank statements.

We are encouraging all our SMSF clients to move to the Felcorp process as we can deliver a faster, more reliable and cheaper service.

Felcorp Process

In our new process, we will be preparing a standardised SMSF administration file that is organised and formatted to aid the subsequent auditing process.

We will also be requiring Business Fitness Smart Workpapers with data linking to BGL or Class SMSF software to streamline the workpaper set up and review process. This saves us a lot of time and we can the standard templates.

There is a cost associated with this, approximately $150 per month in total for minimum 3 users (they have seemed to remove their pricing page from 1 Jan 2024 so we cannot guarantee pricing is the same).

We are suggesting you to utilise Smart Workpapers with our Felcorp Snr Accountants to get the most of of the minimum 3 users as their suite workpapers for Xero and MYOB for tax compliance is also very good.

Combined Admin and Independent Audit

We are establishing a new service in where the preparation of the SMSF administration and the audit (prepared independently of Felcorp) is a combination service. We are finalising the service, the pricing model, adherence to APES110 independence standards and logistics.

We will be having a panel of approved independent auditors that are both professional, competent and ethical

Our audit partners operate completely independent to Felcorp and have a normal arms length relationship with both Felcorp and with you as the accounting practice.

Stay tuned on the development of our combined administration and audit offering.