What the audit covers
An SMSF audit has two halves, and the law requires both.
The financial audit
We examine the fund's financial statements and check they give a fair picture of its assets, liabilities, income and member balances at 30 June.
The compliance audit
We test the fund against the super laws: the sole purpose test, how assets are held and valued, contributions and benefit payments, in-house asset limits and the investment strategy.
How an audit with us runs
- You send us the fileEmail the year's financial statements and supporting papers. The full list is below. If an accountant looks after your fund, they will usually send it for you.
- We work through itOur audit system takes the fund through every financial and compliance test. If something is missing or unclear, we ask you or your accountant straight away so the job doesn't stall.
- You get the signed reportWe issue the independent auditor's report in the ATO's approved form, so the fund's annual return can be lodged.
What to send us
Not every fund needs everything here. Send what applies to yours and we'll tell you if anything else is needed.
- Financial statements and member statements for the year
- Trial balance and general ledger
- Bank statements covering 1 July to 30 June
- Investment and holding statements, and contract notes for anything bought or sold
- Market valuations of every asset at 30 June
- Property title, lease and rental statements, if the fund owns property
- The trust deed and any amendments
- Trustee minutes and resolutions for the year
- The fund's current investment strategy
- Signed trustee declarations for any new trustees
- Contribution and rollover records
- Pension documents and payment records, if the fund pays a pension
- An actuarial certificate, where one is required
- Last year's audit report
If something isn't right
Most issues we find are small, and we'll explain how to put them right. Where the law requires it, an auditor has to report certain breaches to the ATO. If that applies to your fund, we'll tell you in writing, so you know exactly what was found and what to do next.
Leave enough time
The ATO asks trustees to appoint their auditor at least 45 days before the annual return is due. Getting the file to us early leaves room to sort out anything that comes up without a rush at the deadline.