WHAT TO EXPECT FROM AN SMSF AUDIT

 

An annual audit of the SMSF's financial and compliance operations is required. After receiving all required documentation, trustees appoint auditors to perform the audit before the annual return for an SMSF is due. Within 28 days after receiving all documentation, the auditor will provide a report to trustees.


An audit verifies the validity and accuracy your SMSF's financial records. This ensures that your fund complies with superannuation rules. Audits and reviews are used to assess the health of your SMSF and highlight any issues. This is what you can expect in a typical SMSF Audit:

 To identify any issues or concerns, your SMSF's performance and processes are reviewed.

The auditor will verify that you have applied the super laws correctly

These areas are where the SMSF account holder might need education or support.

After the audit is completed, the auditor will present the findings to trustees and you. Although the trustee is not required by law to submit an audit report to ATO immediately, the findings of the audit must be included in the annual returns.

 


An audit is a tool that helps trustees and you assess the health of your SMSF fund. An audit will help you determine if you are in a good position to make a profit from your SMSF. An audit can also give you an idea of any changes that may be required in your strategies.

 

Because it will determine the status of your SMSF over an annual period, it is crucial to pick the right auditor. Our experts can help you with any questions you may have about an SMSF audit.

write to us at info@auditax.com.au or call us on 1300 762 329


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Location: Perth WA, Australia

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