All You Need to Know About SMSF Audit

If you have a self-managed super fund (SMSF), you will have to go through a number of financial and compliance checks, especially around tax time.SMSFs may qualify for tax breaks on their capital gains, but only if they comply with certain rules. 

What is an SMSF audit?

SMSF requires an audit every year before an annual tax return can be filed. SMSF audits are conducted by ASIC registered auditors whose job is to verify that your financial statements are accurate and that your funds comply with key laws. For more details regarding online SMSF audit services, you can simply browse the web.

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SMSF audits also provide you with valuable information about how your funds are tracked. The auditor will provide you with a commitment letter outlining what they will do during the audit. 

When do you need an SMSF audit?

The ATO recommends that a review of the SMSF is required annually before annual returns can be submitted. There are several important steps you need to take to ensure you meet the deadline. 

The ATO website requires you to appoint an SMSF examiner at least 45 days before filing your annual return. Fines will be imposed if the declaration is not delivered on time.

Another reason why your SMSF audit needs to be completed before you submit a SAR (SMSF Annual Statement), according to the ATO is that you need information from the audit report to complete the SAR. You must also ensure that the SAR provides correct information about the auditor, otherwise, you may be penalized.

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