What Exactly is an SMSF Audit and What Does It Involve?
An SMSF audit is a comprehensive review of your investment structure, including your superannuation fund (SMSF) and any other entity that you may have invested in. An SMSF audit is a process undertaken by a tax practitioner to assess the financial position of an SMSF to ensure that all the rules are being followed. The purpose of the audit is to determine if there are any discrepancies in the fund’s statements or transactions, which may have occurred due to incorrect reporting. The SMSF Auditor will check whether all transactions were properly recorded and that they were reported correctly. They will also check if any loans have been repaid in full and if any income was incorrectly reported. The SMSF auditor ensures that the fund is being managed in accordance with the Australian Taxation Office (ATO) requirements. It's an important step to take because it provides you with an opportunity to assess how well you're managing your assets and how they're performing ag...