SMSF trustees must conduct an annual audit. When conducting an audit, it's important to remember that a licensed auditor must work with the Australian Securities Investments Commission. The main aim of the SMSF suit is to verify the accuracy and validity of the financial records.
Under Australian law, Self Managed Super Fund audits are mandatory, regardless of whether contributions were made or benefits received that year. The audit of SMSF aims to ascertain whether accounts, receipts, vouchers, and other evidence are accurately recorded and up-to-date; thus, it ascertains that the fund complies with the superannuation law.
A trustee should conduct an annual high-quality SMSF audit on every fund to meet the SMSF requirements. The SMSF auditor must be appointed at least 45 days before the loss of a tax return submission to the ATO so that the auditor can prepare in advance.
Prepare Your SMSF Audit Files Effortlessly: Our outsourced SMSF audit online file preparation services include complete audit preparation, issue identification, and audit letters for your evaluation and approval.
Complete the SMSF Audit Compliance: We conduct our audits according to all current Australian norms and procedures. Our qualified SMSF audit staff are fully segregated from the rest of our company to ensure 'arms-length' compliance.
Online SMSF Auditing: Perform your online SMSF audit with Australia’s most effortless and secure online auditing platform. We help you with online SMSF audit support services at reasonable prices.
SMSF Compliance Audits: The ATO and the Superannuation Industry (Supervision) Act (SIS Act) have various regulations that must be followed according to its law. Failure to meet these requirements will attract severe penalties for any SMSF.
Audit Reporting: Safely provide detailed and transparent audit reports to the trustees, accountants and advisors.
Audit Support for Professionals: We provide expert SMSF suit support services to assist accountants, financial advisers, and SMSF administrators in dealing with client audits.
Reduced Administrative Burden: Take the day-by-day compliance services related to SMSF and outsource, so you do not have to manage the paperwork and other related tasks that are time-consuming but do not add value.
Cost Savings: Outsourcing is effective because you do not need to pay a large sum for a full-time employee or staff member dedicated to your SMSF compliance and administration.
Feel free to get in touch with us for further details or assistance.
Contact UsScalability: When you engage us for your SMSF compliance, you can leverage the professional skills and expertise of specialised and qualified SMSF talents from around the world who are conversant with accounting, taxation, and various Regulations governing the operation of an SMSF.
Timely Reporting & Compliance: The outsourced SMSF team, managed by professionals, offers reporting on the performance of funds in due time and compliance with all needed regulations.
Improved Risk Management: This significantly minimises the chances of penalties or other losses that may emanate from noncompliance with the laws in question, where a competitive but skilled and qualified team of professionals implements the SMSF compliance.
Here is the process of the SMSF Audit Process Work:
Step1: Submit Documents Online: Upload your SMSF documents onto our secure portal.
Step 2: Audit Review: The qualified auditors conduct thorough inspections of your fund's compliance, and the auditors check the financials during the act.
Step 3: Receive Audit Report: This provides a great opportunity to get more detailed compliance status reports and identify areas of focus for improvement.
Step 4: Support to Resolution: You will also get support on rectifying the issues identified, enabling them to meet compliance requirements.
Don’t let the complexities of SMSF auditing slow you down. Get expert assistance from us!
An SMSF audit is a mandatory annual review conducted by an independent auditor to ensure a Self-Managed Super Fund (SMSF) complies with ATO regulations and Superannuation Industry (Supervision) Act requirements. The audit verifies the accuracy of financial records and ensures the fund follows superannuation laws.
The SMSF trustees must appoint an ASIC-registered SMSF auditor at least 45 days before lodging the SMSF annual return with the ATO. The trustee must ensure that all necessary financial records and compliance documents are available for audit.
The SMSF audit process includes: Financial Audit: Reviewing financial statements and records for accuracy. Compliance Audit: Ensuring the fund meets ATO and SIS Act requirements. Investment Strategy Review: Checking that the SMSF’s investments align with legal guidelines. Audit Reporting: Issuing an independent audit report to trustees and the ATO.
SMSFs must undergo a mandatory annual audit, even if no changes exist.
If an SMSF is found to have any problems in the audit process, then the ATO can impose penalties, fines, and tax liabilities. We help identify and rectify compliance issues before they become serious problems.
No. SMSF audits must be conducted by a registered, independent auditor who is separate from the trustee and fund administrator.
To complete an SMSF audit, you need the following documents: Financial statements (profit & loss, balance sheet) Bank statements Investment records Contribution & pension payment details Tax return & compliance documents Trust deed & investment strategy
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