SMSF Administration and Independent Audit
Administration and reporting for self-managed superannuation funds, including preparation of the annual return and coordination of the independent audit every fund must have.
A self-managed super fund carries an administrative obligation that does not pause. Each year the fund needs its accounts prepared, its member balances and contributions recorded, its investments valued, and its annual return lodged — and before that return can be lodged, the fund must be audited by an approved SMSF auditor. That audit is not optional and it is not a formality.
The audit requirement is also the reason independence matters. An approved SMSF auditor must be independent of the fund, which constrains how the same firm can act on both the accounting and the audit for one fund. Our role on this page is the administration and reporting work, with the independent audit coordinated and the auditor’s requirements met in full.
What fund administration involves
- Fund accountsPreparation of the fund’s financial statements, including investment income, expenses and the movement in each member’s balance.
- Member reportingRecording contributions, rollovers, pensions and withdrawals against the correct member and the correct component.
- Investment recordsMaintaining the asset register and supporting valuations that the auditor will ask to see for each investment held.
- Annual return preparationThe SMSF annual return, which reports income tax, regulatory information and member contributions in a single lodgement.
- Audit coordinationAssembling the working papers, evidence and confirmations the independent approved SMSF auditor requires, and responding to queries.
- Trustee documentationKeeping minutes, resolutions and the fund’s governing records in order, so the paper trail matches the transactions.
Who this suits
Existing trustees. Where the fund is already established and running, and the annual compliance cycle needs to be handled properly and on time.
Trustees changing administrator. Where the fund is moving from another firm and the prior-year balances, records and audit history need to be picked up accurately.
Funds with a records backlog. Where documentation has fallen behind and the fund needs to be brought back to an auditable position.
The annual cycle
Collect and reconcile
Bank statements, investment records, contribution and rollover data are collected and reconciled against the fund’s records.
Prepare accounts
The fund’s financial statements and member balances are prepared, with each investment supported by evidence of its value.
Independent audit
The completed file goes to an approved SMSF auditor, who audits it independently. We answer the queries that arise.
Lodge the annual return
Once the audit is complete, the SMSF annual return is lodged and the trustees receive the final reporting pack.
This page is general information about running an existing fund. It does not recommend establishing, retaining or winding up a self-managed super fund, and nothing here is personal financial product advice — those decisions require a licensed financial adviser. For contribution and compliance questions that apply whether or not you have an SMSF, see superannuation compliance.
Works well with
Common questions
Does an SMSF really have to be audited every year?
Can the firm that does the accounts also do the audit?
Should I set up an SMSF?
Speak to a chartered accountant
Tell us what you need and we’ll let you know whether we can help, what it involves and what it costs — before you commit to anything.