Super funds and SMSFs

SMSF audit

An SMSF audit is the independent annual audit that every self-managed super fund must have, carried out by an approved SMSF auditor who is separate from the fund's trustees and its administrators. The auditor examines the fund's financial statements and checks whether it complied with the super laws, then reports to the trustees and, where there are compliance problems, to the ATO. Trustees should appoint the auditor in good time, since the ATO says it should be at least 45 days before the annual return is due, and give them the records they ask for. Poor records and late information are among the usual causes of delay. The audit report is needed to lodge the return.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.