Frequently asked questions

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What is the role of an SMSF auditor?

Anyone who runs a self-managed superannuation fund must, by law, ensure that the fund is audited at the end of each financial year by a registered SMSF auditor. An SMSF auditor is responsible for ensuring the fund’s compliance with superannuation rules and regulations, and checking that all financial records are valid and accurate. SMSF auditors operate under the Superannuation Industry (Supervision) Act 1993

What will I need to provide to my SMSF auditor?

SMSF audits consists of two elements. For the Financial Report audit, we will need:
– An Audit Engagement Letter signed by the Trustees
– A signed Trustee Representation Letter
– A Financial Report (including Balance Sheet, Income Statement and Member Statements)
– A completed Annual Tax Return
– Supporting documents for all items in the Financial Reports
For the Compliance Report audit, we will need:
– Permanent files of the SMSF
– Copy of signed Trust Deed
– Copy of signed Minutes of Meetings
– Copy of signed Investment Strategy
– Copy of signed Consent to act as Trustee and Member Applications
– Copy of signed Trustee Declaration (applicable for SMSFs established after 1 Jul 2007)
– Copy of signed Pension documentation (if the fund is in pension mode)
– Actuarial Certificate (if applicable)
– Life insurance certificate for members (if applicable)
– ASIC Annual Return if the SMSF has a company acting as the Fund’s Trustee

If I establish my super fund in this financial year and if my fund does not have any transaction in this financial year, do I still have to organise end of year administration?

Yes, you will still need to meet audit and tax return requirements for self-managed superannuation funds.

How often should an SMSF be audited?

According to the Australian Taxation Office (ATO) an audit must be concluded prior to the deadline for submitting the SMSF’s annual return, which is typically February 28th of the following fiscal year and October 31st if it were to be lodged personally. In certain circumstances, however, an SMSF may necessitate more frequent audits. For instance, if the ATO specifically requests it or if there are significant changes to the fund’s compliance or concerns about its conformity.

What role do you play?

We provide assistance in assuring your SMSF is:
-Meeting Legal Obligations
-Financial Accuracy Verification
-Mitigated from Potential Risk
-Safeguard Interest of Members
-Provided with an Auditor Report

Can Mint SMSF Audits help me?

Absolutely! We’re here to help the SMSF audit process run smoothly. We look forward to you getting in touch!