SMSF Resources

Pre Audit Checklist for SMSF Trustees

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Accountants can provide this checklist to their SMSF trustees to ensure all required documents and information are prepared before the audit begins. Supplying complete and accurate records helps streamline the audit process, reduces follow‑up queries, and minimises delays.

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1. General Fund Information

Trust Deed: Latest SMSF Trust Deed, including all amendments and variations.

Financial Statements: Draft or final financial statements for the relevant financial year.

Minutes and Resolutions: Trustee meeting minutes and resolutions passed during the financial year.

Trustee/Director Details: Current details of all trustees or directors of the corporate trustee, including documentation for any changes made during the year.

Investment Strategy: A copy of the fund’s current investment strategy, along with evidence of regular reviews.

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2. Member Contributions and Benefit Transactions

To help ensure a smooth audit, trustees should have clear and complete records of all member‑related movements within the fund. The following items are essential:

Contribution Records: A summary of all contributions received during the year, including employer SG, salary‑sacrifice amounts, personal contributions, spouse contributions, and any other member deposits.

Rollovers In and Out: Copies of rollover statements or SuperStream transfer confirmations for any money transferred into or out of the SMSF.

Pension‑Related Documents:

• Evidence of all pension payments made throughout the year.

• Confirmation that minimum pension requirements were met.

• Documentation for any new pensions started, including commencement minutes.

• Records for any pension commutations, whether partial or full.

Lump‑Sum Withdrawals: Supporting documents for any lump‑sum benefit payments, including trustee minutes and payment evidence.

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3. Bank Accounts and Financial Facilities

To support the audit of your SMSF’s cash movements, trustees should provide complete records for all banking and loan arrangements held during the year.

• Full‑year bank statements for every SMSF bank account

• Statements and agreements for any loans held by the fund, including limited recourse borrowing arrangements or other finance facilities.

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4. Investment Records and Supporting Documentation

Accurate investment information is essential for verifying ownership, valuation, and compliance. Trustees should gather the following:

Shares, Managed Funds and Wrap Platforms

• Buy and sell confirmations or transaction histories for all listed and unlisted investments.

• Annual tax statements or wrap platform tax reports.

• A current portfolio valuation or wrap platform summary.

Property Investments

• A recent title search confirming ownership.

• Lease agreements, rental statements, or property management reports.

• Evidence supporting the year‑end valuation (e.g., appraisal, agent letter, or independent valuation).

• Settlement documents for any property purchased or sold during the year.

Collectables and Personal‑Use Assets

• Insurance policies covering the asset.

• Documentation showing secure storage arrangements.

• Current market valuation evidence.

Other Investments

• Holding statements, valuation reports, income records, and purchase/sale documents for assets such as term deposits, bonds, private company shares, cryptocurrency, or other alternative investments.

 

5. Fund Expenses and Deductible Costs

To verify the legitimacy and purpose of fund expenses, trustees should provide:

• Invoices, receipts, or statements for significant fund expenses, including investment‑related costs, insurance premiums, administration fees, and professional services.

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6. Compliance and Regulatory Documents

Some funds require additional compliance evidence to complete the audit.

• Actuarial Certificate: Required where the fund has both pension and accumulation balances during the year.

• Prior‑Year Audit Documentation: If a different auditor completed the previous year’s audit, provide the prior audit report and management letter.

 

7. Additional Information

• Any extra documents or explanations requested by your accountant or auditor to clarify transactions, valuations, or fund activity.

 

Tips for a Smooth and Efficient Audit

→ Submit early: Provide your accountant with all documents well before lodgement deadlines to avoid unnecessary pressure.

→ Check for completeness: Use this checklist as a guide to ensure nothing is overlooked.

→ Stay organised year‑round: Keeping SMSF records updated throughout the year makes the audit process significantly easier and reduces follow‑up queries.

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