SMSF Audit – Ensuring Compliance and Peace of Mind
Managing a Self-Managed Super Fund (SMSF) gives you full control over your retirement savings, but it also comes with important compliance responsibilities. One of the key obligations for trustees is the annual SMSF audit. Knowing what it involves, why it is required, and how it is handled can help protect your fund and keep it compliant with superannuation laws.
What is an SMSF Audit and Why is it Required?
An SMSF audit is an independent review of your fund’s financial statements and operations to ensure compliance with superannuation regulations. The ATO mandates this audit each financial year as part of the SMSF audit requirements, confirming that your fund is operating according to the Superannuation Industry (Supervision) Act. Without a completed audit, your SMSF may face penalties, loss of tax concessions, or other compliance issues.
Who Can Conduct an SMSF Audit?
The SMSF audit process must be carried out by a qualified and independent auditor who is registered with ASIC. Auditors cannot be trustees or related to any fund members, ensuring an impartial review. Choosing an experienced SMSF auditor helps ensure your fund meets all compliance obligations and accurately reflects its financial position.
What Does an Auditor Review in an SMSF Compliance Audit?
- SMSF accounting, ensuring that all financial records, income, and expenses are accurately recorded
- SMSF financial statements, verifying proper reporting of assets, liabilities, and overall fund performance
- Investment compliance, checking that investments follow superannuation rules, including restrictions on related-party transactions
- Contributions and withdrawals, confirming contributions, rollovers, and pension payments are processed correctly
- SMSF audit requirements, ensuring all statutory obligations, including tax return lodgement, are met on time
What Happens if the Audit is Not Qualified?
If an auditor issues a qualified or adverse report, it indicates areas where the fund does not meet legal requirements. Trustees must address these issues promptly, which may include correcting breaches, updating records, or amending financial statements. Failure to act on a qualified audit can lead to penalties, loss of tax concessions, or regulatory action from the ATO.
How autoSMSF Manages Your SMSF Audit
- Collecting and reviewing all fund data
- Resolving queries and ensuring accurate SMSF accounting
- Sourcing market values for assets such as property and shares
- Preparing compliant SMSF financial statements
- Coordinating with auditors and managing timely lodgement of reports
- Guiding trustees on any follow-up actions if issues arise during the compliance audit
With autoSMSF, you can be confident your fund remains compliant while saving time and avoiding stress. Our experienced SMSF accountants provide guidance throughout the year, from record-keeping to audit compliance, ensuring your fund operates smoothly.
Conclusion
An annual SMSF audit is essential for maintaining compliance, accurate reporting, and ongoing tax benefits. Working with autoSMSF means your SMSF audit process is handled by experts who guide you through every step, making compliance straightforward and worry-free.
FAQ
What is a SMSF audit?
An independent review of your fund’s accounts and compliance, required annually under law.
Who can conduct a SMSF audit?
A registered, independent SMSF auditor not someone involved in preparing the accounts. Stake+1
How much does a SMSF audit cost?
Audit fees vary in complexity and fund size often influence cost. The 2022–23 industry average was around $640. Stake
When must the auditor be appointed?
At least 45 days before the annual return due date to ensure audit completion before lodgement. Stake
What happens after the audit is done?
The auditor issues a report; if issues are found, you must rectify them before lodging with the ATO.
Schedule Your SMSF Audit
Fixed-fee, independent, and fully compliant with ATO requirements.
An independent review of your fund’s accounts and compliance, required annually under law.
A registered, independent SMSF auditor not someone involved in preparing the accounts. Stake+1
Audit fees vary in complexity and fund size often influence cost. The 2022–23 industry average was around $640. Stake