What Documents do we need?

The range of investments that can be made by an SMSF is broad, below is a list of the most common items that we will need. Please download these documents or any other documents to substantiate the Assets and Liabilities of the Fund plus Income earned and Expenses incurred
  • Trust Deed and amendments,
  • Prior Year Audit Statement (if we were not the Auditor last year),
  • Financials (including the prior year),
  • Members Statements (if not part of financials),
  • Tax Return,
  • Investment Strategy,
  • Minutes of Meetings of Trustees throughout the year,
  • Bank Statements,
  • Members earnings calculations,
  • Share Portfolio Statements, plus Buy/Sell Contracts for trading throughout the year.
  • Property Purchase Documents/Valuations,
  • Lease documents,
  • Loan Documents,
  • Loan Statements,
  • Documents substantiating any Other Investments or Debts,
  • Any Other Documents

How do I get documents to you?

Collect the documentation that you need for your fund and copy each document into a separate PDF file. (Please do not copy all the documents into a single PDF file).

Your options for getting these PDF documents to us are:-

a. Using our Drop Box facility. If you do not already have access to this than send us an Email Request to access our Drop Box. When we reply accept the invite, in Drop Box create a folder with the fund name, drop the files into our Box. Then send another email letting us know there is an audit for us to do and the name of the folder (This is the preferred method because using Drop Box does not have the document size restrictions that are attached to emails) or

b. Email the documents to us (unfortunately there are limits to the size of an email and so you might find that you need to send just a few files at a time and several emails) or

c. Mail them to us at PO Box 164, Eagle Heights Qld 4271

We'll be in touch shortly after that to confirm a price and timing for the Audit.

 

Can I pay for my Audit online?

Presently, no, but its on the agenda.

For now, we complete your audit then invoice you for the work done.

Will my fund be audited by the ATO?

If your auditor lodges a contravention report with the ATO there is a chance that the ATO will then do an audit in the future however this will depend on the level of non-compliance and whether or not you have taken corrective action.

Do you do audits for accountants as well?

Yes, we do.  If you are an accountant or accounting firm looking for a reliable source to get your accounting clients's super funds audited, Eagle Super Audit Brisbane are up to the task,

How much does it cost?

Our Start price is $400 + GST however this will depend on the number of transactions and investments in your fund.

I’m not from the Brisbane…. Does that matter?

No - we audit Self Managef Super Funds all over Australia.  The beauty of the internet is it brings everyone closer together.  The audit process involves us sitting down with your documents rather than sitting down with you... so where you live is not a factor for us.  You won't need to attend our office, simply send us in your documents and we will take care of the rest.

How long will it take to complete?

We aim to get your fund audit completed within 3 working days provided we do not require any further information.

When do I need to Lodge my SMSF Audit By?

Your super fund must be audited prior to your lodgement of the taxation return for the fund so it will depend on your lodgement date for your super fund and this question is best answered by your accountant who is preparing your taxation return.

How often do I need to get my SMSF audited?

Currently that is annually.

However, the Federal Government announced in 2018 that they are considering changing this requirement to a three year cycle, for complying funds. If this change takes place there are a lot of issues to consider You might want to read the submission to the Government from the IPA (Institute of Public Accountants) on this here .

Issues include: Trustees will still have every year audited, but this would be completed once every three years. If trustees have made mistakes or inadvertently contravened regulations, the problem will only compound over three years. It is likely it will take more time and money to fix than if the issue had been picked up after a year.

Costs to rise for fewer SMSF audits? There will be savings for some funds, but for many there won’t be any cost reduction at all, and for some an increase in costs is likely, three-year audits may work for very simple funds, for instance those that only hold cash or managed funds but most funds are not that simple.

Audit as checks for good administration. Rather than view the audit as an impost, a better approach is to see it as a useful tool to help ensure the smooth running of the fund. The audit gives trustees an invaluable check they are administering the fund appropriately. SMSFs are complex, so instead of looking at the annual audit as a burden they should be looking at it as a tool that supports their role.

Serious consequences for SMSF auditors. This is going to create serious resourcing issues, which may increase costs for us and for our SMSF clients.

Who will decide audit timing? Which party will drive the timing of the audit – the trustee, the auditor or the Australian Taxation Office? This is not clear yet.

When more details are released we will be able to make a better assessment of any potential savings or costs. Until then, we can’t work out what the real impact will be.

How Can I get you my documents? Fax? Email? Carrier Pigeon?

Our preferred method for receiving forms is via our enquiry form/document upload form here SMSF Audit Enquiry and Document Loading.

Alternatively, you can:

   Email Us: auditing@eaglesuperauditbrisbane.com.au

   Mail Us: Reply Paid Mail 85279, EagleSuperFundAudit, Eagle Heights, Qld 4271

   Or personal delivery: Level 1, 34 Southport Avenue, Eagle Heights, Qld 4271.

Regrettably, we don't currently offer a courier pigeon service, so we hope one of the above options will suffice.

 

How do I setup my Super Fund Name?

This is done by your accountant when you have your super fund setup as it will depend on whether or not you decide to use a corporate trustee or act as individual trustees.