Sunday, 28 April 2013

SMSFs – compliance and audit requirements

As I mentioned yesterday, numerous compliance and audit requirements await the newly-minted SMSF trustee, including the need to:
  • Appoint an approved auditor to audit the fund
  • Lodge your SMSF annual return each year
  • Pay the ATO supervisory levy
  • Lodge a rollover benefits statement when rolling any member’s benefits into other funds
  • Notify the ATO if there is any change of details for the fund (e.g., a change in trustee or members)
The ATO has a comprehensive compliance regime in place for SMSFs, and penalties for trustees who are found on the wrong side of the regulations.

I’ll cover each of these topics in more detail below.

Annual audit report

According to the super rules, an audit report from an approved, independent auditor must be given to the trustee by the day before the fund is required to lodge its SMSF annual return.  You are required to appoint an auditor to conduct this audit at least 30 days before the report deadline.

Your auditor is required to:
  • Examine your fund's financial statements
  • Assess your fund's overall compliance with the super law
An audit is required even if no contributions or payments were made in a given income year.