SMSF Compliance and Audit
What Does SMSF Compliance and Audit Mean?
SMSF compliance is the fulfillment of the requirements under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and related legislation. Trustees are required to have their fund comply with these legislative requirements in order to retain its tax benefits and safeguard members’ benefits.
The SMSF audit is a yearly examination carried out by a separate, registered SMSF auditor. The audit involves two major elements:
- Financial Audit – Examines the correctness and authenticity of the fund’s financial statements.
- Compliance Audit – Verifies the fund complies with superannuation legislation and regulatory conditions.
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Does SMSF need an annual audit?
Yes, it is obligatory. According to Australian laws, all SMSFs are meant to be annually audited by an approved SMSF auditor on the basis of the compliance as well as the accuracy of funds.
Do you have the ability to audit your own SMSF?
No, only independent and registered auditors are entitled to conduct audits on SMSFs.
What documents must be audited in an SMSF?
Most times, you would need to ready and submit the financial statements, bank statements, investment records, and compliance documentation for the audit. We would, however, collaborate with you on the necessities depending on the way your fund has been performing.
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