smsf audit smsf audit smsf audit smsf audit superannuation fund audit self managed superannuation fundself managed super fund diy superannuation
self managed super self managed superannuation fund diy super smsf superannuation self managed superannuation self managed super fund
diy superannuation fund diy super fund self managed super self managed super self managed superannuation fund
HOME

SMSF

SMSF RESTRICTIONS

SMSF RISKS & COSTS

SMSF BENEFITS

SMSF TYPES

SMSF DEFINITIONS

TRUST DEED

ANNUAL ADMIN

SMSF AUDIT

INVESTMENT PLAN

PENSION CALCULATOR

CONTACT

 Self Managed Superannuation Fund (SMSF) Audit

SMSF audit process ensures that the fund meets SIS Act (Superannuation Industry Supervision Act 1993) regulatory, financial and administrative requirements. The auditor checks whether the fund complies with the legislation, giving it the status of a regulated self managed superannuation fund, and whether it operates with the sole purpose of providing retirement benefits.

For every financial year, SMSF trustees are required to organise the fund’s annual administration and tax return, and also appoint an approved auditor to check the operation and compliance of the fund.

The audit process includes checking of:
  • Statutory fund compliance (includes the review of the Trust Deed and associated statutory documentation),
  • ATO correspondence,
  • Investment strategy and implementation,
  • Cash and Bank deposits,
  • Equity Investments,
  • Property Investments,
  • Contributions (members’, employers’, rollovers etc.)
  • Financial Statements/trial balance/tax return,
  • Trustees minutes,
  • Income,
  • Expenditure,
  • Benefit/Lump sum payments.
After checking the relevant documents, the auditor has to provide a written audit report stating the scope and opinion of the audit. If the auditor detects the problem with the fund, this needs to be brought to the attention of trustees and the Australian Taxation Office.

An approved auditor may be a registered company auditor, the Auditor-General of the Commonwealth, or a State or Territory, or a member with one of the following bodies: Australian Society of Certified Practising Accountants, The Institute of Chartered Accountants in Australia, National Institute of Accountants, Association of Taxation and Management Accountants or National Tax and Accountants Association Ltd.

For more information about any superannuation issue phone the Australian Taxation Office (ATO) Superannuation Infoline on 13 10 20, or visit their web site: www.ato.gov.au/super

To appoint SuperEasy® as your administrator CLICK HERE.

Search this site  


Ansearch :: Australia
Web Search | Browse Directory | Latest News
Popular results from: Australia The World

SuperEasy Pty Ltd is not licensed to provide advice on investments, or legalities of the types of investments that you can have. SuperEasy® strongly recommends that you seek professional advice before making any investment choice or decision!

Copyright© 2000 - 2006 SuperEasy® Pty Ltd - ACN 092 141 083

By accessing and viewing www.supereasy.biz you agree
to be bound by the Terms and Conditions of this website.
SuperEasy® reserves the right to modify the Terms and Conditions at any time.
Please read the Terms and Conditions.

Page copy protected against web site content infringement by Copyscape