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.

New penalties for SMSF trustees from July 2014   Super Guide

From July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.

Are SMSF audits too expensive? (updated figures)   Super Guide

Q: SMSF auditors and administrators are charging rather high audit fees, perhaps because of the mandatory nature of these audits.

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?

SMSF basics: Trish’s 10 commandments of DIY super   Super Guide

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.

SMSF whack! Another 11% increase in ATO supervisory levy   Super Guide

Effective from 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.

Federal Budget May 2012: At a super glance   Super Guide

On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.

How do I find a SMSF provider?   Super Guide

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.

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

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.

SMSF audit: you must appoint an approved auditor   Super Guide

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.

SMSF basics: Updating SMSF trust deeds   Super Guide

Q: I have had a SMSF since 1996. As rules concerning income streams etc have changed since the date of my deed, can we simply sign a current trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the old deed?