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A collection of articles with helpful information about SMSF compliance in an ever changing environment.

SMSF Audit Checklist

The up-to-date SMSF Audit Checklist is available for download  –  SMSF Audit Checklist Web V 20190512

The up-to-date Mandatory Financial Audit requirements guide from the ATO is available for download  –  

The up-to-date Mandatory Compliance Audit requirements guide from the ATO is available for download  –

Useful links

Click on the links below to be directed to web pages relating to SMSF compliance and audit.


Property in an SMSF - audit requirements and documentation

Property assets are required to be presented in the financial statements at market value as at 30 June each year. This does not necessarily mean that an external valuation by a real estate agent is required every year, but it also does not mean that valuations need only be performed every three years either. Our requirement as auditor is to consider whether the valuation as presented in the financials is reasonable for the property in terms of the location, date, market conditions and yield. We are required to obtain sufficient evidence to confirm that the valuation appears reasonable. The best and easiest way for this to be done is to consider an external valuation from a real estate agent as provided by the trustees of the SMSF. In the absence of this, trustees may provide a valuation determination outlining the methods in which the valuation was determined. Trustees may utilize a combination of valuation data available online, such as that from, RP Data, real estate listings in the area for equivalent properties amongst others. 

It is particularly important that valuations are performed when the SMSF has a member in pension phase. It is recommended that external valuations are obtained if there are pension members.


Listed Share Assets - audit requirements and documentation

Documents required for audit are: Holdings Statements, Dividend Statements, Buy/Sells, and schedules showing capital gains information.

Unlisted Share Assets

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Unlisted Investments - audit requirements and documentation

Where SMSFs have investments in private companies or unit trusts, valuation, existence and recoverability of the underlying assets are crucial elements that an auditor must consider in detail. Due to the, at times, complex nature of the underlying assets, and limited documentation available, valuation, existence and recoverabilty can be difficult to ascertain. It is important to gather as much documentation as possible to support the assertions made in the financial statements with respect to these assets.

For information relating to the recent legal case Cam & Bear Pty Ltd v McGoldrick [2016] NSWSC 1894 and the broadening of scope with respect to auditors’ duty of care, please refer to the links provided below. I


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