Checklists & Forms

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SMSF Audit Information Requirement/Checklists

First Year Audit Engagement

  • Signed Trust Deed / Amended Deed

  • Trustee consent to act / Minutes

  • ATO Trustee Declaration(s)

  • Investment Strategy

Previous year’s financial records

  • Copy of signed Prior year Financial Statements

  • Copy of signed Prior year Tax Return

  • Copy of signed Prior year Audit Report

Current year financial records

  • Statement of Financial Position

  • Operating Statement

  • Notes to Accounts

  • Statement of Taxable Income

  • Deferred Tax Reconciliation

  • SMSF Annual Return

  • Member Statement

  • Investment Summary / Movement / Disposals / Income Report

  • Trial Balance and General Ledger

Assets

Cash and Equivalent

  • Bank Statements and/or Band Feeds

  • Term Deposit Statements

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Listed Shares/Unit Trusts

  • Share Registry Confirmation of shares at 30 June

  • Portfolio Wrap Valuation Report & Tax Statements at 30 June

  • Portfolio Audit Report

  • Buy and Sell Contracts

  • Dividend / Distribution Statements

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Unlisted Shares/Unit Trusts

  • Financial Statements

  • Income Tax Return

  • Market Valuations for properties / assets

  • Trust Deed

  • Unit Register and Certificates

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Private Company

  • Share Certificate confirmation of the units held by the Fund and market value as at 30 June

  • Extract of ASIC Certificate showing Directors and Shareholders to confirm the SMSF does not have a control and voting right over the entity

  • If there is dividend income, we need the dividend statement to record the franked / unfranked components

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Personal Use/Collectables

  • Trustee Representation letter for each asset

  • Market Valuation

  • Insurance policy in name of Fund

  • Minutes re Storage

  • Signed Contract of Sale

  • Valuation Report / Rates Notice

  • Lease Agreement

  • Insurance Policy

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Property

  • Signed Contract of Sale

  • Market valuation Report and Council Rates Notice

  • Signed Bare Trust Deed

  • Lease Agreement and Rental Statement

  • Loan Statements and Loan Agreement

  • Insurance Policy

  • Depreciation Schedules

  • Invoices for all Repairs / Maintenance

Liabilities

  • Signed Loan agreement

  • Tax agent portal reports for year ended 30 June

  • Documentation to support other liabilities

Member

  • Member Statements

  • Contribution confirmation

  • Rollover in and out of fund

  • Lump sum payment

  • Invoices for expenses paid (accounting / audit)

  • Documentation to support all withdrawals

Expenses

  • E.g. bespoke Workpapers of the Accounting Firm

Pension/Benefit Payment

  • Copy of pension request form member to Trustee and Acceptance by Trustee

  • Signed confirmation of Benefits

  • Minutes (Change to account-based pension)

  • Work papers calculating benefits

  • Exempt current pension calculation

  • PAYG payment summaries for pensions paid

  • Actuarial Certificate

  • TBAR reports and commutation minutes

Wind Up

  • Wind up minutes

  • Rollover forms

  • Bank statements

  • Lump sum payments

  • Documentation for disposal of assets

Minutes

Please provide copies of the relevant minutes if the Fund has:

  • Change in tax status i.e. a Member moved from accumulation to pension phase.

Permanent File Documents

A) Core Documents

  • General

    • Deed

      • Original

      • Amendment #1

      • Amendment #2

      • (OR updated on an annual basis via subscription)

    • Consent(s) to Act as Trustee

    • Member Application(s)

    • ATO Trustee(s) Declaration (for each trustee, compulsory if SFMFf established after 30/6/2007)

    • Deed of Appointment & Removal of Trustee(s) (relevant where the SMSF has changed trustee(s)).

  • Where the SMSF holds geared R/E

    • Purchase Contract for R/E

    • Bare Trust Deed

    • Details of Bare Trustee (e.g. ASIC statement/constitution for corporate trustee)

    • Non-Recourse Loan Agreement

  • Where the SMSF holds leveraged equities

    • Installment Warrant(s)

B) Pension Documents

  • Pension documents required when the SMSF is running pensions for members

    • MLP/ABP/TTR Pension establishment documents (including PDS, notifications & minutes).

    • Pension Commutation & Restart documents

C) Transfers/Rollovers/Lump Sum Payments

  • These are important for keeping track of taxable & tax free components of members’ balances

    • Rollover statements (IN/OUT)

    • ETP statements/Lump sum withdrawals

D) Other

  • Investment Strategy

  • Minutes

  • Superannuation Splitting Orders per Family Court

E) Prior Year

  • Only required where the SMSF is audited for the first time

    • Prior year Financial Reports

    • Prior year Income Tax Return

    • Prior year Auditor’s Report