SMSF Audit Checklist
Below you will find a checklist that can guide you towards providing sufficient appropriate audit evidence as required by Simply SMSF Audits as your SMSF Auditor and all ASIC Registered Self Managed Super fund auditors
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PDF A
· Statement of Financial Position, Operating statement, Notes to the financial statements – all showing prior year comparatives
· Trustees Declaration / Director of Corp Trustee Declaration from the accounts signed (Signed Financials)
· Member statements reporting separately each accumulation and pension interests for each member – incl. preservation & tax components
PDF C· Signed Representation Letter (For each year of Audit & must be signed)
· Signed Audit engagement letter (Initial engagements or any return engagements)
· Signed Annual Minutes
PDF D
· Prior year’s audit report (Initial engagements only - in full, signed and dated)
· Prior year’s financial reports
PDF F
· General ledger & Trial balance
PDF G
· SMSF Annual Return
PDF L:
· Investment Summary report, Income summary report, Investment Movement report
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PDF N - Cash at bank / Term deposits
Bank / Term Deposit statements for full year for all accounts (copies of the original, or online statement print outs clearly showing ownership held in fund name)
PDF L
- Listed Shares, Units, Managed Funds & IDPS
Portfolio reports (showing ownership held in fund name) / Registry holding statements at year end (or HIN Numbers and postcodes to be provided). Audit reports for uncommon IDPS.
- Closely held Unlisted Trusts / Companies
o Financial statements
o Share / Unit Certificates issued to the fund
o Current Share / Unit Register
o Signed trustee / director valuation declaration as at 30 June of each year showing how market value of property was determined.
o Current Title search and value of real estate holdings (per above)
o Audit report, if applicable
- Widely held Unlisted Trusts / Companies
o A holding report issued to the SMSF / Holding or valuation Declaration from entity
o Other supporting evidence as required
o Audited financial statements where applicable
PDF M - Real estate
Valuation evidence
o Real Estate Agent Opinion / Qualified Valuer Opinion / Cotality Valuation report as at or close to 30 June of each year showing how market value was determined (Based on 3 Recent Comparable property sales within 6 months of reporting date)
o Fully executed contract of sale & Settlement, trust account receipts in year acquired
Ownership / Rights / Existence evidence
o A title search, produced after each reporting period to show existence / ownership has been asserted at year end. (Automatically obtained by me if not provided).
o Fully executed contract of sale & Settlement / acknowledgment of trust showing property held in name of the fund
PDF O
- Cryptocurrency
o Exchange holding statements
o Exchange transaction statements
o Tax statements where applicable
o Cold storage Wallet address + Trustee Declaration
- Loans (asset)
o Loan agreements (signed and dated)
o Loan Schedule for each loan outlining opening balance, interest, repayments and closing balances
o Evidence of loan security
- Collectables and Bullion
o Valuation reports
o Trustee Declarations as appropriate
PDF P - Limited Recourse Borrowing Arrangements
o Bare Trust Deed (executed)
o Borrowing statements for the full year (or borrowing schedules if applicable)
o Borrowing agreement (fully executed) / Letter of offer
PDF Q - Tax
o ICA & ITA reports
o Tax Payable / Refundable Calculations
o Actuarial certificates
PDF S - Income General
o Dividend / distribution / Annual Tax statements (supply registered HIN Number and postcode separately to the statements if applicable)
o Lease agreements for all situations & lease appraisals for related party tenants; Rental summary statements for unrelated party tenants; ‘Property is Leased to Unrelated party’ declaration (template provided) where applicable.
o Rollover In: Superstream reports (applicable from 1 Oct 2021) & Rollover Benefit Statements (signed and dated)
o ITAA97 s290-170 ‘Intent to deduct a personal concessional contribution’ notice
PDF W - Expenses General
o Accounting / Audit Fees
o Property related investment expenses (e.g Rates, Commissions)
o Managed Investment expense supporting evidence
o Life Insurance (showing policy ownership)
o Rollover Out: Superstream reports (applicable from 1 Oct 2021) & Rollover Benefit Statements (signed and dated),
PDF V - Pensions and Lump Sums
o Lump Sums docs and workings
o Pension Commencement Documents (either if newly commenced or otherwise requested)
o Pension Commutation Documents (if commuted in the audit year)
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PDF X
- ATO Trustee Declaration – The Requirement is that they are dated and signed at time of trustee appointment from 1.7.2007 onwards. (SISA S104)
- Investment strategy
- Any other permanent documentation
PDF Z - Trust Deed – Original and any deed amendments, signed & dated
