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THE BIGGEST ISSUES HOLDING UP SMSF AUDITS THIS SEASON

9 April 2022

It's important that SMSF Audits be done on time and done correctly the first time. Unfortunately, there are some issues that can interfere with this process. Discover the top 3 issues that could hold up your SMSF audit this season and what actions you can take.

Issue 1: Asset Valuations


Address and comment on asset valuations for property and unlisted investments. Provide a verifiable process as to how they were established. Given the dramatic increase in property prices, this will be critical.


Issue 2: Investment Strategy


Confirm the SMSF investment strategy. If this has not been diversified, has this been considered?


The ATO is monitoring this, and it is becoming an issue. Court cases have already resulted which is always time-consuming and generally expensive.


Issue 3: LRBA & Setup Documentation


Many struggle to provide signed ATO declarations/ establishment documentation.


We always need the loan documents & Bare Trust Deed for LRBAs.


We hope the above list has been helpful in addressing potential areas of concern.


If you have any questions about these three issues or need help with SMSF audits, contact the Superannuation Audit Services team today.