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.

Reminder: New penalties for SMSF trustees


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 accompanies the new legislation, states that the new SMSF penalties, taking effect from 1 July 2014 will enable the ATO to “give … [Read more...]

Are SMSF audits too expensive? (updated figures)


Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2012 (latest available as at June 2014). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June 2013, … [Read more...]

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...]

SMSF basics: Trish’s 10 commandments of DIY super


If you’re running a self-managed super fund, 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 C-A-R-T … [Read more...]

SMSF whack! Another 11% increase in ATO supervisory levy

parliament house

For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago. In the 2012 Federal budget, hidden in the … [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...]

How do I find a SMSF provider?


Q: I would like to know who is the best SMSF specialist in Perth who I can get to do my SMSF audit and tax return and give me the best advice on what to do. Unfortunately I am unable to assist you with specific recommendations. We have developed a superannuation and financial services directory … [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...]

SMSF audit: you must appoint an approved auditor


If you run a self-managed super fund, you must ensure that your SMSF is audited annually by an approved auditor. As SMSF trustee, you also must ensure that you formally appoint your fund’s auditor each year. You must appoint an approved auditor at least 30 days before the due date of the SMSF … [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 income streams 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...]