Specialist SMSF Services
SMSF Audit
Quick, expert SMSF audits to help you run a compliant fund. Our average turnaround time is 2 business days.
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Independent SMSF audits
All Australian self managed super funds are required by law to be audited on an annual basis. As an independent SMSF auditor we ensure you tick all the legal checkboxes, plus we offer our clients almost 20 years of SMSF experience. This ensures that your self managed super fund is audited by someone who is deeply knowledgable and up to date with even the most complex SMSF compliance regulations.
Trustees need to ensure that their SMSF auditor is registered with ASIC and is independent, meaning that they have no financial interest in the super fund nor any relationship with the fund’s members or trustees. The accountant who handles your SMSF’s accounting and tax cannot be responsible for the audit either.
Easy Super provides specialist SMSF auditing services to both trustees and accountants who require an independent audit. Our services are quick and our expertise gives you confidence that your audit is in good hands.
Speak to Natalia today.
Our SMSF audit services
Quick Turnaround
We pride ourselves on an average turnaround time of two business days.
Audit Fees
Our SMSF audit fees are fixed, transparent and up-front. No suprises.
Technical Support
We help you with any technical questions you might have about SMSF.
As SMSF experts our auditors are able to handle audits that involve complex and newer SMSF regulations, such as funds that hold crypto or investment properties.
SMSF Audits: Frequently Asked Questions
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A SMSF audit is the compulsory annual audit of a Self Managed Super Fund which must be conducted by a registered SMSF auditor. The auditor checks that your fund is compliant with superannuation rules and notifies the trustees and ATO of any non-compliance issues.
The only person who can legally audit a SMSF is an approved SMSF auditor registered with ASIC.
ASIC will check the auditor’s education, knowledge and experience and once approved, they’ll list the approved auditor on their website.
SMSF auditors have to be independent, meaning that they cannot be a family relative or have any personal or business relation to the SMSF client.
The cost to audit a SMSF ranges between AU $400 and AU $999. Our fees at Easy Super start from $400 (plus GST).
Yes. Even if you don’t have contributions for the year, your SMSF still needs to be audited. If you don’t have any benefits paid in the financial year, a SMSF audit is still necessary.
Also note that the ATO requires trustees to appoint a SMSF auditor 45 days before the due date of your annual tax return lodgement.
If there are non-compliance issues with your SMSF, the auditor will need to work with the trustee or accountant responsible to fix any problems. Typically, your auditor will explain the issues and what needs to be done to reach compliance.
The ATO requires the SMSF auditors to report non-compliance. To avoid any problems with your super be honest and open with your auditor. Their expertise will ensure the accuracy of your audit and help you avoid any penalties for non-compliance.
No, even if the SMSF is registered for GST, GST on Audit fees can not be claimed.
Yes, the auditor will check if the Investment Strategy is compliant with Reg. 4.09. In recent years the ATO has paid special attention to the Investment Strategy of a SMSF.
There are very strong rules governing self managed superannuation funds. At Easy Super we’ll conduct a thorough audit of your superfund and upon completion, provide you with a SMSF audit report and management letter.
Our SMSF Audit Process
Just some of the items our SMSF audit checklist covers:
- Issuing an engagement letter to be signed by both parties
- Checking for a representation letter signed by the trustees
- Verifying that the SMSF is being audited independently
- Auditing the signed financial reports (Income statement, Balance sheet, Member statements) and supporting docs
- Verifying the existence and ownership of the SMSF's assets
- Auditing the compliance of any asset acquisition
- Auditing the compliance of any borrowings
- Auditing the compliance of any loans or financial assistance
- Auditing the completed annual tax return for the audit year
- Verifying that the fund still meets the Sole Purpose test
- Checking for a copy of a signed trust deed
- Checking for a copy of a signed meeting minutes
- Checking for a copy of a signed investment strategy
Easy Super makes your SMSF audit, super easy
Chat to us about auditing your SMSF.
Super Consulting Pty. Ltd.
- 19 Selby ave, Dee Why NSW 2099
- 1800 327 978
- 0432 366 690
- enquiry@smsfconsulting.com.au
-
Mon - Fri 9AM to 5PM
Sat 9AM to 5PM
Sun Upon Request
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Disclaimer: All information on this website has been prepared without taking into account your individual objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness with regard to your objectives, financial situation or needs. Speak to Natalia for SMSF advice.