SMSF Audit
SMSFs are legally obligated to undergo an annual independent financial and compliance audit before lodging their SMSF annual tax return with the ATO. This auditor must operate independently from the accountant. Trustees must appoint the SMSF auditor at least 45 days before the annual return is due, providing all necessary documentation for the audit. Any additional information requested by the auditor must be provided by the trustees within 14 days of the request. The audit must be completed within 28 days of receiving all relevant documentation, and the Independent Auditor’s Report (IAR) must be provided to the trustees. The required information and documents for the audit vary depending on the asset classes held by the SMSF.
SMSF Audit
SMSFs are legally obligated to undergo an annual independent financial and compliance audit before lodging their SMSF annual tax return with the ATO. This auditor must operate independently from the accountant. Trustees must appoint the SMSF auditor at least 45 days before the annual return is due, providing all necessary documentation for the audit. Any additional information requested by the auditor must be provided by the trustees within 14 days of the request. The audit must be completed within 28 days of receiving all relevant documentation, and the Independent Auditor’s Report (IAR) must be provided to the trustees. The required information and documents for the audit vary depending on the asset classes held by the SMSF.
Some key compliance and financial documents typically required to complete an SMSF audit
These are some of the key compliance documents typically required to complete an SMSF audit. Depending on the specific circumstances of the fund and any regulatory changes, additional documents may be necessary. It’s essential for trustees to maintain accurate and up-to-date records to facilitate the audit process and ensure compliance with SMSF regulations.
Compliance Documents
- SMSF deed and any amendments if applicable.
- Signed member applications.
- Signed trustee consents.
- Signed ATO trustee declarations.
- Bare trust deed if applicable.
- Trustee minutes, representation letter and signed declarations.
- The investment strategy of the fund for the current income year.
- Prior year financial statements, tax return & auditor’s report.
- ASIC Extract for the corporate trustee.
- Work test declaration where applicable.
- Signed engagement letters for the accountant & auditor.
Financial & tax documents
- Current year financial statements, tax return, tax reconciliation and ATO portal reports till the date of the audit.
- A copy of the Actuarial Certificate, Rollover statements, Pension establishment/commutation/restructure documents, Confirmation of contributions and any Div293 issues where applicable.
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