Once SMSF is established annual accounts needs to be prepared, tax return needs to prepared and lodged and SMSF audit needs to be done. Superfund Warehouse offers SMSF tax returns, accounting and audit Melbourne Services to fulfill this requirement. Our professional SMSF tax auditing Service in Melbourne service is Australia wide. We provide reliable and accurate SMSF tax auditing services that you can rely on and be confident it’s done correctly and securely.

What is an SMSF audit
SMSF audit also known as Superfund audit or Superannuation fund audit is the audit of the Self-Managed Super Fund done by an ASIC approved SMSF auditor every year before the lodgement of the Self-Managed Super Fund tax return with ATO. SMSF audit is an important task needs to be done every year to ensure SMSFs compliance with the Superannuation law and regulations. Any breach needs to be reported to the ATO and trustees in an approved way.

Trustees of the self-managed super fund needs to appoint an approved SMSF auditor no later than 45 days before the SMSF tax return due date and all the requested information needs to be provided to the auditor to perform this task. Any additional information requested by the auditor during the audit needs to be provided in a set timeframe. Once audit completed audit report will be provided to the SMSF trustees with any findings and note the audit report will not be sent to the tax office with SMSF tax return lodgement. SMSF trustees needs to keep this report.

As an SMSF trustee you have the responsibility of running the fund and needs to make sure at all time it complies with the trust deed rules and Superannuation industry laws. For breaches your SMSF can be non-complaint and which can have huge impact on your retirement savings. So, make sure you follow all the rules and regulations.

Who can audit SMSF
SMSF audit can only be performed by an ASIC registered SMSF auditor. Also, SMSF audit needs to be done independently means should be unrelated to Superfund and the person who has prepared the SMSF financials and tax return can’t do the audit of the same fund. It needs to be independently audited. Australian securities and investment commission register SMSF auditors and to find SMSF auditor registration details you can easily search on the ASIC website.

When SMSF needs to be audited
SMSF needs to be audited every year from the Set up of the SMSF till wind up and SMSF tax return can only be lodged once the audit is completed. SMSF audit is a requirement that is set out in law in section 35C of the Superannuation industry laws. Auditor details needs to be included in the SMSF tax return at SMSF auditor section with the audit complete date. On SMSF annual return qualified/unqualified options needs to be ticked as well. Without these things accurately done you can’t lodge the tax return and the tax office will not accept the return with incomplete details. So, make sure it’s done properly to avoid any delays.

What role does an SMSF auditor perform
The role of SMSF auditor is to check compliance status of Superfund with Superannuation rules and regulations and perform financial statements audit. The audit is conducted following audit standards and if required any findings needs to be reported to the tax office and need to be provided to the trustees in an approved way.

How can Superfund Warehouse help with SMSF tax return, accounting and SMSF audit?
With Superfund Warehouse we can perform an independent audit of your SMSF or where we act as accountant for your Self Managed Super Fund then the audit will be done by an independent auditor.
https://www.superfundwarehouse.com.au/smsf-audit/