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SMSF Audit

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It’s necessary for SMSF trustees to get their SMSF audited once in a year by a professional SMSF Auditor registered with ASIC. Auditor must be appointed 45 days before lodgement of SMSF tax return. SMSF trustee should take proper care while appointing an auditor as non-compliance of SMSF generally result to huge penalties.

SMSF auditor must be:

  • Registered with ASIC – if they are, they will have an SMSF auditor number, which is provided on annual SMSF return

  • Independent – they should not audit a fund in which they hold any financial interest, or where they have a close personal or business relationship with members or trustees.

    • An audit is required even if no contributions or payments are made in the financial year.

    Before an SMSF auditor can start an audit, he is provided with information about annual accounts and transactions for the previous financial year. Any additional information requested by SMSF auditor must be provided within 14 days.

    Auditor should advise SMSF trustees about any breaches of the rules. They are also required to report certain contraventions. Trustees, should rectify any contravention as soon as possible.

    At AVS we have professional SMSF auditors registered with ASIC, who are specialist in their field and know how to deal with SMSFs audits in such way that even complex audits complete on time considering all the compliance requirements.

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