SMSF Audit Checklist

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Please contact us if you would like to invite us into your Software (BGL and Class) as an auditor to download necessary reports and your uploaded workpapers directly from your client files. We are happy to assist with audit preparation for SMSF accounts using any software. Please ensure that you provide the required SMSF documentation requirements.

PLEASE ENSURE THAT YOU PROVIDE or UPLOAD ALL APPLICABLE DOCUMENTS FROM BELOW TO FACILITATE PROMPT AUDIT PREPARATION AND ENSURE THAT ALL SMSF DOCUMENTATION REQUIREMENTS ARE MET.

Signed Each Year

Engagement Letter

Representation Letter

Financial Statements with Trustees Declaration

Trustee Minute/Resolution

Pension Minutes (if applicable)

Evidence

Bank Statements for the entire financial year from 1st July to 30th June (for all bank accounts)

Term Deposit Statements

Documents to verify all investments held

Documents to verify all investments bought or sold

Annual tax statements and transaction reports for PORTFOLIO investments

Income documents (e.g. dividends statements, loan agreements and schedules)

Expense documents (e.g. invoices and receipts)

Draft SMSF Annual Return

ATO Tax Statements for both the Income Tax Account and the Integrated Client Account (from ATO portal)

Actuarial certificate (if applicable)

Collectibles

Purchase documents

Proof of insurance and storage

Independent and qualified verification of market value

Property

Title search (on or after end of 30/06/YYYY)

Ownership should match SMSF trustee, or Bare trust Trustee if applicable. Charges should be consistent with LRBA if applicable.

Lease agreement, including evidence of if rented to a related entity and rental appraisal

If rented to a related entity, rental appraisal to verify market rent. Or if not rented, then a Trustee statement of the reason (e.g. vacant land, or preparation to rent) and comment about any personal use.

Recent comparables (usually 3) to support market value, preferably from the real estate agent managing the rental, or with declaration from the trustee with explanation of how comparables are relevant to the SMSF property.

Or explanation of why comparables are not available and other evidence to form the basis for market value.

LRBA

Bare Trust

Loan agreement, including evidence that it is a LRBA

Permanent

Trust Deed

Investment Strategy

ATO Trustee declaration, for each trustee

Member application, for each member

Prior Year

Financial Statements

SMSF Annual Return

Auditors Report

Management Letter