Your trusted SMSF Audit Specialists

An SMSF audit is a mandatory process where an independent auditor, like us, examines your Self-Managed Superannuation Fund to ensure it complies with relevant laws, including tax, investment, and regulatory requirements set by the ATO.

The audit ensures that your SMSF is operating within the legal framework and adheres to ATO guidelines. It helps identify any potential risks, errors, or compliance issues before they become serious problems, protecting both trustees and members.

Audits aren't scary! An audit ensures compliance, minimizes the risk of penalties, and helps maintain the fund’s integrity. It provides peace of mind to trustees, knowing their fund is operating according to regulations, and helps improve the overall management of the SMSF.

SMSFs must undergo an audit every year. This annual audit is required as part of your fund’s financial reporting obligations to the ATO.

Yes, as a trustee, you can choose an auditor to perform your SMSF audit. It is important to select a registered and experienced SMSF auditor, like Sinara, to ensure the audit is independent, thorough and meets ATO standards.

The duration of an audit can vary, depending on the size and complexity of your SMSF. We don't know how long other auditors take, but with Sinara, an audit usually takes between 1-2 weeks to complete once we have all the necessary documents and information.

The cost of an SMSF audit varies depending on the complexity of your fund. Sinara provides a clear and upfront fee structure, ensuring transparency and no hidden costs. We work hard to make sure our fees are competitive while still offering you full service audit and advice.

Sinara will review your fund’s financial statements, investments, transactions, and compliance with superannuation laws. This includes ensuring contributions are made on time, member benefits are calculated correctly, and investments align with fund rules.

To ensure a smooth audit, gather all relevant documents such as financial statements, bank records, investment details, contribution records, and member information. Having everything organized ahead of time can speed up the process. Be prepared for some additional questions from the auditor as well.

No, the audit process does not delay your tax return. In fact, completing your audit is a requirement before lodging your SMSF’s tax return with the ATO.

This can happen. If your SMSF does not meet compliance requirements, we will provide a report highlighting the issues. We can then guide you through any necessary steps to bring your fund back to compliance. If the issues are severe, the ATO may issue penalties or require corrective actions - so it is best to get expert advice beforehand to prevent these problems arising.

It happens! If your SMSF is selected for an ATO audit, you will need to provide the required documentation and cooperate with the ATO’s requests. Our team can support you where possible and help ensure your compliance with the ATO’s guidelines.

Don't worry - we will give you a checklist!

• Financial Statements The fund's Statement of Financial Position (balance sheet), Operating Statement (profit & loss), Member Statements, and other financial reports for the audit period.

• Investment Records Documentation of all investments held by the SMSF, including shares, property, and managed funds. This includes purchase and sale contracts, statements from financial institutions, and valuation reports.

• Bank Statements Bank statements for all accounts held by the SMSF, showing all contributions, expenses, and withdrawals during the audit period.

• Contribution Records Detailed records of all contributions made to the SMSF, including both employer and member contributions, with dates and amounts.

• Member Information A complete list of all members in the SMSF, including their dates of birth, tax file numbers (TFNs), and any relevant documentation regarding their membership status.

• Minutes of Meetings The minutes from trustee meetings, including decisions regarding investments, contributions, and any changes made to the fund’s governing rules.

• Superannuation Fund Rules A copy of the SMSF's trust deed and any amendments made during the audit period.

• Taxation Documents Documentation related to tax obligations, including any tax returns, assessments, and GST-related information.

• Pension Documentation (if applicable) If the SMSF is paying pensions, provide records of pension commencement, payment amounts, and related documents to ensure compliance with pension requirements.

• Loan and Borrowing Records (if applicable) If the SMSF has any loans, including limited recourse borrowing arrangements (LRBAs), provide loan agreements, statements, and repayment schedules.