Highlights
- Every SMSF must be independently audited each year as part of its compliance obligations.
- Disorganised records are a common reason audits take longer than necessary.
- Early preparation gives trustees time to resolve issues before the audit is finalised.
Every self-managed super fund (SMSF) must be audited each year by an independent, appropriately registered auditor as part of meeting superannuation compliance obligations. Preparing well ahead of that audit can make the difference between a smooth process and a drawn-out one.
That broader context matters because compliance obligations tend to be most visible only once something goes wrong. Building good habits before that point is considerably easier than trying to reconstruct them under pressure later.
What Auditors Are Checking
The annual audit covers both the fund's financial statements and its compliance with superannuation law, including matters such as investment strategy documentation, contribution rules and whether transactions align with the sole purpose test.
Common Sources of Delay
Missing documentation, unclear asset valuations and incomplete records of related-party transactions are among the most commo...