Frequently Asked Questions

It’s a legal requirement by the ATO. Every SMSF must be independently audited each year.

We review the fund’s financial statements and check compliance with superannuation and tax laws. We receive and audit report. 

Once we have all your records, audits are generally completed promptly with minimal disruption.

Yes. We offer SMSF setup, accounting, and administration, but audits must always remain independent.

Your SMSF must be audited by an approved SMSF auditor — that is, an individual who is registered with the Australian Securities and Investments Commission (ASIC) as an approved SMSF auditor. It is not sufficient for any accountant or financial adviser to conduct the audit; the auditor must hold a specific SMSF auditor registration number.

Crucially, the auditor must be independent of the fund and its trustees. This means the same person or firm that prepares your fund’s financial statements and tax return cannot also perform the audit. The two roles must be kept separate, as required by the SIS Act. If your current SMSF accountant also handles your audit, this is a compliance issue that should be addressed immediately.

Our Nelson Bay team acts as independent auditor for SMSF trustees whose accounting and administration is handled elsewhere, and we can coordinate with your existing SMSF accountant to make the process as smooth as possible.

Your SMSF must be audited every year, for each financial year that the fund is active. The audit must be completed before you can lodge your SMSF annual return with the ATO. The standard lodgement deadline for SMSF annual returns is 31 October following the end of the financial year (30 June), although registered tax agents — like our team — may be entitled to an extended lodgement deadline for their clients.

In practical terms, this means the audit needs to be completed well before October. Most trustees aim to have their financial statements finalised by August or September to give their auditor enough time to complete the audit and resolve any queries before the deadline. We recommend contacting us no later than August each year to avoid a bottleneck.

Note: if your fund is newly established, it still needs to be audited for its first financial year of operation, even if it held no investments for most of that year.

To complete your SMSF audit, your auditor will need access to a comprehensive set of financial and administrative records. As a general guide, the documents typically required include:

• Signed financial statements — statement of financial position and operating statement for the year
• Bank statements — for all fund bank accounts for the full financial year
• Investment statements — brokerage statements, term deposit confirmations, managed fund statements, property valuations
• The fund’s trust deed and any subsequent amendments
• Trustee declarations (signed by all trustees)
• The fund’s current investment strategy (signed and dated)
• Member contribution records — contribution notices, employer contribution records
• Pension documentation — if any members are receiving a pension, the relevant commencement documentation and annual minimum payment calculations
• Minutes of trustee decisions — particularly for any significant transactions or changes during the year
• Details of any related-party transactions or in-house assets
• Previous year’s audit report (for context and comparison)

We will provide you with a detailed document checklist specific to your fund when you engage us, so you know exactly what to gather before we begin. Having complete, well-organised records is the single biggest factor in keeping your audit straightforward and affordable.