Who do you use / recommend for annual auditing?

I’m considering either using esuperfund, or managing it all myself with an external annual audit.

Thanks
Ben

I just saw your last response 20/10/2011 and it struck a chord!
I have had a SMSF for 15 years and turned it into a SMS pension fund a couple of years ago when I retired. The fund was used for share trading.
during this time and I didn’t mind the accountants fees then. However since the GFC I have just stayed with one stock and done nothing more than take out the minimum pension. Last year I got an accountants and auditors combined bill of $3000+ – That for accounting and auditing a
static SMPF.
I have just been asked to submit my info to the accountant and decided to find a cheaper route.
I saw on the internet some time ago a consultant saying that you are not obliged to submit and audit under certain circumstances. Do you know if it is true? The ATO says it is compulsory – but the ATO agent just reads the base rules.
I welcome your comment and advice
Thanks

My first attempt to reply to your email dean@fusioninvesting.com bounced back to me so I am trying again thru Fusion Investing website.

Congratulations on your new role with TMF and for the latest newsletters. I have enjoyed reading some of their material previously (sparked by your referrals). Good to see they now have an Australian presence.

Yes my concerns about HHL were initially stirred by the number of investments they had made where they ran into conflict with management . Some of these have been more or less resolved (Sirtex and Redflex) but then others appear – Catch the Wind and Kresta. All resource hungry and mentally wearing. Made me think these people are not getting close enough to management before they make investment decisions.

At the AGM it was also raised that Peter Hall had wanted HHL to buy into a private university in UK but this decision had been knocked back by the Board and Peter Hall was not impressed. Not really where I wanted my money invested, unless there looked like a great investment case. More conflict. Then Jack Lowenstein resigned from the Board which was explained away reasonably at the AGM as having less executive/more independent directors. Then the next day without any mention at the AGM, there is an announcement that he had left the company all together. If you look back over the last 2 years, he is the investment manager who has been paid about 80% of performance bonuses so you have to assume he was the best, if not the only one (out of about 8), really performing.

My assessment is that FUM will be down around 25% for this 6 months. There has been no attempt to prune overheads, in fact there are expansion plans for the UK. On this basis, profits will probably be down more than 25%.

On this basis, I am back to a much reduced holding.

With IPP, the 4thQ report indicates that revenue for the last 12 months is up 60% (+77% up for last Q) whilst expenses are up 40% (+15% last Q). Looks like they will have a loss of about $2m this year (they work on a calendar year). They have been putting in a pretty big effort in Indonesia, so I thought the smaller increase in expenses for the most recent Q was admirable. From my projections/modelling, the year 2012 should be a break even year, a small profit in 2013 then in 2014 it should start to crank up with REA type profit growth of 80-100%pa for a few years. So one needs to be patient, but the rewards will come.

Does your new role now mean that Fusion Investing is a thing of the past?

Kind Regards
Westwind

Just wondering if you are still alive. Presume you have been gobbled up in US activities.

Attended a few AGMs in Aus over the last couple of months. Have a few reservations about where HHL is headed but thought CIW was doing a good job, and will attend IPP meeting in Mar/April.

Happy to explain further if you are still out there?

Best wishes for New Year

Regards Westwind