Streamlined Accountants

SMSF Audit Season: What You Need to Know

SMSF audit season is here, and if you're running a fund, you need to be prepared.

Here's what auditors are looking for:

1. Contribution Compliance
- Were contributions made by 30 June?
- Did contributions exceed the annual limits?
- Are there proper records of who contributed what?

2. Investment Reporting
- Are all investments properly recorded?
- Are dividends and capital gains reported correctly?
- Is the fund's asset allocation within rules?

3. Related Party Transactions
- Did the fund lend money to members or related parties?
- Were there any related party investments?
- Are all transactions at arm's length?

4. Record-Keeping
- Are there proper minutes of trustee meetings?
- Is there documentation for all transactions?
- Are bank statements reconciled?

5. Fund Governance
- Is the fund's trust deed current?
- Are there proper insurance policies?
- Is the fund compliant with superannuation laws?

The Good News:
If you've been keeping proper records and following the rules, audits are straightforward. It's the funds with sloppy records that face problems.

The Bad News:
Auditors are getting stricter. The ATO is cracking down on non-compliance.

Need help preparing for your SMSF audit? We've got you covered - reach out for a free chat. Link in bio. ✅

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