If you have recently established a self-managed superannuation fund (SMSF) then you are probably aware that your fund needs to be audited and a set of financial statements need to be prepared.

If you would like to reduce your auditor and accounting fees then we recommend you get your paperwork organised before you contact the auditor.

Essential information for every SMSF audit

We need the following from every client before we can begin.

1. A copy of the trust deed and the date the fund was established
2. Details of the fund’s Tax File Number (TFN)
3. Details of the fund’s Australian Business Number (ABN)
4. The name, date of birth and tax file number for every member
5. The telephone, post and email addresses for every trustee
6. A signed copy of your investment strategy
7. A signed copy of every minute for every trustee meeting for the financial year
8. Bank Statements for the period from 1 July 2007 to 30 September 2008
9. ETP Rollover Documents

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It’s that time of year again! If you have a self managed superannuation fund then January is the month to organise your paperwork and make an appointment to have your superfund audited and your tax return lodged with the ATO. 

Every year, the trustees of every self managed fund must have financial and member statements; income tax returns and an independent audit report prepared for their superfund. Last year, this firm prepared the income tax returns and audit reports for more than 200 self managed funds.

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Every year, trustees of SMSFs are legally compelled to appoint an approved an auditor to conduct a financial and SIS compliance audit on their self managed fund.

Trustees can be fined up to $5500 if they do not have an audit report prepared by an approved auditor every financial year.

What is contained in an audit report?

The auditor provides the trustees with an audit report on the operations of the superfund for the relevant income tax year.

The audit report must be provided in an "approved form" specified by the ATO and contain a review of the SMSFs prepared financial accounts, minutes and records and check that the trustees have complied with all necessary Superannuation Industry (Supervision) Act 1993 regulations.

The auditor must express an opinion as to whether or not the self managed fund and its trustees have materially complied with SIS regulations and that the fund is operating correctly for the benefit of its members.

Click here to download a sample audit report from the ATO

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Self managed superannuation funds are an increasingly popular way for savvy tax payers to plan for their retirement.

We can help you!

Every year, the trustees of every self managed fund must have financial and member statements; income tax returns and an independent audit report prepared for their superfund.

Last year, this firm prepared the income tax returns and audit reports for more than 200 self managed funds.

If you would like a quote on your self managed fund, please contact our Marmion Office on 9246 9055.

Our fees start from $660 for the audit report and from $660 for the combined financial statements/income tax return. We require payment up front.

Our partners can also assist you with investment and retirement planning and the preparation of investment strategies and financial reports.

If you would like a quote on your self managed fund, please contact our Marmion Office on 9246 9055.