SMSF Audit Checklist
SMSF Audit Checklist – Point to Point
1. Signed Financials
Ensure all trustees or directors of the corporate trustee sign the Fund’s financial statements.
2. Trustee Declaration
All new trustees must sign the ATO Trustee Declaration (NAT 71089) within 21 days of their appointment.
3. Investment Strategy
Your investment strategy should address risk, return, liquidity, diversification, and insurance considerations. Furthermore, keep it regularly updated and properly documented.
4. Bank Statements
Provide complete bank statements for the financial year. These must clearly show all transactions, especially contributions and expenses.
5. Contribution Records
Include details of employer, member, and spouse contributions. Also, verify that contribution caps have not been exceeded.
6. Minutes & Resolutions
Maintain accurate records of decisions made by trustees. This should include investment decisions and benefit payment authorisations.
7. Asset Valuations
All assets must be valued at market value as of 30 June. Where applicable, obtain independent valuations.
8. Property Documents
Submit title deeds, rental agreements, and proof that rent is paid at arm’s length and on time.
9. Related Party Transactions
Disclose any transactions with related parties, ensuring compliance with arm’s length requirements.
10. Insurance Policies
If the Fund covers members under any insurance policy, include policy documents and payment proofs.
11. Expense Invoices
All fund-related expenses should be supported with valid tax invoices.
12. Member Statements
Prepare and sign individual member statements for each fund member.
Why This Checklist Matters
By following a structured Self-managed super funds audit checklist, trustees ensure compliance with ATO requirements. Moreover, it reduces the risk of penalties and improves transparency in fund operations.
SMSF Depot – Trusted SMSF Audit Support
With years of experience, SMSF Depot provides trusted and efficient SMSF Compliance, SMSF Accounting, and SMSF Audit Services across Australia. We ensure all your audit documentation is ATO-ready.