Recent SMSF Audit Cases

Common SMSF Audit Issues & How We Help Fix Them

At SMSF Depot, we specialise in identifying and resolving SMSF compliance issues. Below are examples of real audit cases where our clients faced risks, and how our expert team ensured full compliance.

Case 1: Incorrect Valuation of Property

Issue: A trustee failed to obtain an updated property valuation.
Solution: We arranged a third-party appraisal. Updated values were reflected in the SMSF financial statements.
Compliance Tip: Property must be revalued regularly.

Case 2: Loan Breach – Related Party Loan

Issue: An SMSF had lent money to a related party, breaching Section 65 of the SIS Act.
Solution: Our team reversed the transaction and submitted rectification to the ATO.
Outcome: Avoided penalties and future audit flags.

Case 3: Contributions Over the Cap

Issue: A member exceeded the concessional contribution limit.
Action Taken: We guided the trustee to lodge an amended return and advised on tax implications.
Tip: Stay updated with contribution caps via the ATO Contributions Page.

Case 4: Unlisted Shares Held Without Valuation

Issue: The SMSF held unlisted shares without proper documentation or current valuation.
Solution: Our specialists arranged a fair market valuation and documented evidence.
Result: Passed audit with full ATO compliance.

Case 5: No Investment Strategy Document

Issue: The SMSF lacked a formal investment strategy.
Resolution: SMSF Depot created a tailored strategy based on member profiles and risk.
Reminder: Your strategy should reflect diversification, liquidity, and member retirement goals.

Need help with SMSF compliance – SMSF audit services?
Contact SMSF Depot to ensure your fund meets ATO requirements with expert support.