SMSF – The Annual Audit

In order for Self-Managed Super Funds (SMSFs) to receive tax concessions on their investment income, they must follow certain rules, including being audited annually by a registered SMSF auditor. The auditor checks that the fund complies with super laws and has correct financial statements. Ash is an approved SMSF auditor who is registered with the Australian Securities and Investment Commission (ASIC). Suzy and Kev, who have an SMSF, appoint Ash as their independent auditor at least 45 days before their annual return is due. Ash provides a letter of engagement outlining the audit process, and Suzy and Kev provide necessary information. Once the audit is completed, Ash provides an independent audit report, and any issues found must be reported to the ATO by law. Being honest and open with the SMSF auditor can help ensure eligibility for tax concessions.