SMSF audits

If you run a self-managed super fund, you must ensure that your SMSF is audited annually by an approved auditor.

A SMSF audit involves an approved auditor conducting a financial and compliance audit of your super fund.

A financial audit enables your auditor to examine your fund’s financial statements.

A compliance audit involves assessing your SMSF’s compliance with the superannuation rules.

Set out below are all SuperGuide articles explaining SMSF audits.

SMSF investment: Purchasing overseas property

Q: Since we can now use super to purchase real estate, is this also true for property in the United States? Can you provide me with some guidance on how I could find out the process and correct entities to establish in order to do this? Thanks.A: Before I answer your question, I need to clarify … [Read more...]

Are SMSF audits too expensive?

Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This article contains data for financial year ending 30 June 2014 (latest available as at January 2016). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June … [Read more...]

SMSFs: Is the ATO supervisory levy ‘value for money’?

Every year, the ATO collects $259 from each self-managed super fund to finance the SMSF monitoring role the ATO performs on behalf of the government. Based on roughly 560,000 SMSFs that amounts to $145 million each year being collected from SMSF trustees, to monitor SMSFs.Over a period of 8 … [Read more...]

SMSF expertise: How do I find a SMSF provider?

Q: I would like to know who is the best SMSF specialist in my state, who I can get to do my SMSF audit and tax return, and give me the best advice on what to do in relation to running my SMSF.Unfortunately I am unable to assist you with specific recommendations, but we can provide you with some … [Read more...]

SMSF audit: you must appoint an approved SMSF auditor

If you run a self-managed super fund, you must ensure that your SMSF is audited annually by an approved SMSF auditor, registered with the Australian Securities & Investments Commission (ASIC).As SMSF trustee, you also must ensure that you formally appoint your fund’s auditor each year. You … [Read more...]

SMSF basics: Trish’s 10 commandments of DIY super

If you’re running a self-managed super fund (SMSF), then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits. As a SMSF trustee, you make all of the … [Read more...]

SMSF trustees face bigger penalties from 2015/2016 year

SMSF trustees can expect harsher fines from this financial year (2015/2016 year) onwards with administrative penalties of up to $10,800 per trustee (including corporate trustee) for a breach of the super rules.A SMSF trustee must run his or her super fund according to the superannuation rules. … [Read more...]

SMSF compliance: ATO’s hit list for the 2015/2016 year

Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the financial year. This is the hit list for the 2015/2016 year.Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF … [Read more...]

Reminder: Harsher penalties for SMSF trustees

Note: This article explains many of the recent changes to the superannuation rules that affect SMSFs.Effective since 1 July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.The explanatory memorandum that accompanied the … [Read more...]

SMSF basics: Updating SMSF trust deeds

Q: I (my wife & I) have had a self-managed super fund (SMSF) since 1996. As rules concerning super pensions etc have changed since the date of my deed, can we simply sign a current, new, trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the old … [Read more...]

Federal Budget May 2012: At a super glance

On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.Mr Swan announced the following superannuation-related changes:Super contributions surcharge for high-income earners. Doubling of the contributions tax to 30% … [Read more...]

SMSF audit: Where is your fund’s trust deed and investment strategy?

Q: Do I need to provide a copy of my super fund’s trust deed and financial strategy to my SMSF fund auditor in order to complete the auditing process?‘Yes’ is the answer, based on the ATO publication ‘Auditing a self-managed super fund’, which provides instructions for SMSF auditors. You can … [Read more...]