First of all, if you use Superannuation Warehouse as your administrator, we will arrange and pay for the audit service. So this is taken care of. The cost and fees of the SMSF audit is included in your monthly payments.
If you perform your own accounting and tax for your SMSF, we can perform the audit for your Fund. The fixed fee for the audit is $450. Lower fee for simple SMSF’s or for accountants. To prepare for the audit, complete this checklist and you can download a template for accounts preparation, tax returns, Trustee minutes and other documents from the FREE DOWNLOADS section. See also our Audit division website for more info on audit requirements.
SMSF compliance needs to be considered during SMSF’s establishment and on an annual basis. These responsibilities include:
- SMSF needs to be operated within the rules of the Trust Deed
- Maintenance of the Investment strategy
- Invest according to the Trust Deed
- Record keeping of membership details (and retention of records for a minimum of 5 years)
- SMSF Annual Tax Returns and lodgement with the ATO (and retention of records for a minimum of 5 years)
- Arrange for the Audit
- Keeping accurate and accessible accounting records of the SMSF
- Preparing annual Financial Statements for the SMSF
- Preparing the minutes of Trustees meetings
- Payment of the annual $180 Superannuation Supervisory Levy (was $150 in 2010) as part of the annual tax return
- Staying abreast with the legislative changes relevant to the SMSF compliance
Superannuation Warehouse assists Trustees to perform these responsibilities. It is a responsible position to be a Trustee of a SMSF and can be a very rewarding experience, especially to see your Superannuation balance grow.