Why It Is Important To Audit Superannuation Funds?

A superannuation is organizational pension program that are design by company for the wellbeing of its employees. It also called as company pension plan. Funds which are deposited in in superannuation account will mature without any implication of ta, till withdrawal or retirement. A lot of Australians have set up self-managed super funds to regulate their retirement funds. The rewards of this method depend on your conditions and abilities. Upholding a SMSF requires wide-ranging financial and legal knowledge.

Many companies provide numerous retirement assistances to their employees also due to legal mandate or voluntarily to hold employees for longer period of time. These retirement assistances contain provident fund and national pension system. It is type of benefit which is provided by the employer to their employees after retirement.

Reasons of popularity of superannauation funds:

Superannuation fund getting popular day by day. Because of its cost effectiveness and to have your own fund. For many people superannuation funds may be more beneficial than other funds. Members have the authority to control their own fund.

According to research conduct by ATO, from 2012 to 2016, there is 6% increase in number of SMSF accounts annually. While SMSF is great way to control your funds and to have some funds after retirement. But it is also complicated and time consuming.

Pros and cons of managing SMSF:


  • Total financial control: With SMSF only you have the authority to control your funds. And you have the charge to where you want to invest your funds. If you have an asset like property you can invest there.
  • Tax benefits: You have the chance to take benefit of certain tax benefits when managing SMSF.
  • More freedom to invest: You have all the financial control over your SMSFs funds. You will have variety of option for investment like commercial or residential property, cryptocurrencies and gold, silver, and cash deposits etc.

Cons of managing SMSF:

  • Time consuming: Management of SMSF can be time consuming. It is your duty to organize the performance of your savings. For retirement, you are responsible to find suitable investment options. Because different level of time and attention is required for different types of assets.
  • Requirement of investment knowledge: If you are not having any satisfactory knowledge about investment or time to operate your fund which will be very difficult and risky when managing your fund. Do your research on all investment options.
  • Additional cost: Additional cost can occur when you are managing your fund. Most of the SMSF auditing and accounting services can charge you extra cost. Like property assets will charge you legal fees and stamp duties. For each type of investment there are additional costs. If your SMSF is not following with ATOs laws and guidelines than you can face legal fees and fines which are very costly.


Always choose a company who has good reputation in market to avoid from any kind of financial losses and wastage of time. Well super audits have experienced and qualified auditors which will fulfill your auditing requirements at very affordable rate.

Why You Need Mortgage Insurance

Mortgage insurance keeps you protected in a case where you may lose your job or if you are financially enabled to pay back your mortgage. When it comes to the unstable job market in today’s society, insurance is considered a must. There are however several benefits that come as a part and parcel with the insurance. Here are a couple of benefits you can gain.

Financial Protection

Getting insurance on your mortgage is considered to be one of the best investments made. Because in times of worst crisis where if you were to lose your job or no be able to generate an income, the insurance will provide you financial support for a year (or more depending on the insurance itself) in order to avoid losing your house and keeping you and the family covered. It also provides death benefits in which if you were to pass on, your family will be able to keep their home and the inheritance will be covered by the insurance.

The flexibility of the Insurance

Similar to mortgages itself, mortgage insurance is considered to be equally flexible. It is portable and can be transferred to another property or item and is also known to have better interest rates, your mortgage broker of Mortgage Masters Queensland can even provide you with further information on insurance on endless downpayment options which will help make your life more stress-free.

The Different types of Mortgage Insurances

There are several different kinds of mortgage insurances to choose from. One such example is life insurance; this allows policyholders to be insured by a large amount of money for lower monthly payments, a more expensive version if life insurance is Premium life insurance policy. Which although offers more benefits is more expensive than the life insurance policy. More common insurance found is known as the Universal Plan, where the policyholder has to do most of the work and constantly manage it while being feasible at the same time. Although it offers some control over the policy to policyholders, the majority of the time they prefer to hand over the handling of it to finance brokers Sunshine Coast to make it easier to manage. Many more different types of mortgages exist, each being more specific to a family that needs it allowing them to have the freedom to enjoy it. Due to the previously mentioned flexibility of the insurance, it gives people the freedom to choose how they want to pay back the loan when they want to pay it and how. Mortgage Insurance gives the safety net many can fall back on their times of need, due to a loss of a job or financial trouble.

Difference Between Traditional Banking And Islamic Kind

In Islam, Muslims are expected to follow a certain set of laws and rules that have been established over the years. These laws, have been set with the guidance of the Quran and practices that have taken place over the years. And so it is no wonder that these laws are even applicable when it comes to the banking aspect as well. Here are some significant differences you could see between the traditional banking and the Islamic one.

Real assets are the products

In conventional banking money is not only considered as a common medium of exchange and a store of value but it is also considered as a product as well. However, when it comes to islamic banking the product is the asset and not money. Money is simply considered as a medium of exchange and nothing more.

Investment is halal

Most conventional banks that are profit motivated seek to invest the gained money on the most profitable projects. This could be on a new casino, a club and whatnot. However, when it comes to Islam, such investments are considered to be Haram and prohibited. And so when these banks make investments, they make sure that the right investment means are considered and not just those that are the most profitable. Visit this link https://www.hejazfs.com.au/cash-investments/ for more info on halal investment.

Losses are shared

In traditional banks interest is charged even though the company might be suffering from losses. This also applies to the interest that is deposited in to the accounts of the customers. However, when it comes to the Islamic kind, if there are losses, then they are shared equally just as how profit would be shared upon. And so if during the considering period there is a loss, then this would be taken off from the customer too!

Balanced budget

Since the banking here is done in terms of real assets and goods and services, there is a balanced budget that is resulted at the end of the day. This makes even obtaining islamic loans from such banks much more beneficial than from traditional banks. However, with regards to the traditional banks, there is usually a deficit in the budget because of inflation and no real expansion backed by assets, that has taken place. In addition to the above since this kind of banking uses, goods and services or real assets to deal with, there is no inflation that is created as well. However, it is a huge issue that the traditional banks are facing as a result of fake expansions created through money and not assets!