Why do I need to get my Super SMSF audited

Because it’s a breach of the SIS law’s if you don’t, it’s as simple as that I’m afraid. And remember if you breach the laws’s penalties apply, up to as much as 46.5% almost half of the value of your fund depending on the severity of your breaches.

The Auditor will conduct an Audit on your fund. Your Accountant, Financial Planner, or Administrator will normally organise this for you. the Auditor must issue the trustees with a Audit Report and may need to issue a contravention report to the ATO in circumstances where the trustee has breached the SIS Act or Regulations , here’s what the ATO has the say about Audit Reports <ATO-Link> for a copy of the audit report for 03.06.12 see: – SMSF ATO Audit Report. For Contravention Reports see <ATO-Link>.

Here’s what the ATO says <ATO-Link>.