Each year your Self Managed Super Fund (SMSF) must be audited annually by an approved SMSF auditor before the SMSF Annual Return can be lodged.
Before your auditor can form an opinion on the fund’s compliance and financials, they will need relevant supporting documents and information. It’s a good idea to discuss this with your auditor including details of when they require the information. Good preparation can help make the audit process more efficient and save you time and unnecessary costs.
An accountant or administrator can help you prepare. If you do it yourself, make sure you file all relevant documents on a regular basis so they are readily available.
And remember, if your auditor requests other information to complete the audit, you must provide it within 14 days.
Being prepared ahead of time can help you avoid costly delays and give you more time for other important things.
Here are some common documents you may be asked to provide as a minimum:
- SMSF Trust Deed and amendments
- investment strategy (including minuting any changes and when last reviewed)
- minutes of meetings
- signed financial statements and supporting documents including
- original bank statements
- original invoices, rental statements, rates notices
- share certificates, unit certificates, lease documents, asset title deeds
- valuation certificates for assets
- if you invested in a related party, copies of their financial statements.