SMSF audit checklist

Cash at bank and term deposits

• Copies of all bank statements for the financial year, 1 July to 30 June
• Copies of term deposit statements

Listed shares, units and managed investments

For shares in listed companies

• Holding statements or a portfolio report for all shares as at 30 June
• The fund's HINs and SRNs, and its postcode, so we can get confirmations online
• Purchase and sale contracts for the year
• Dividend statements, and annual tax statements for distributions

For unlisted companies and trusts

• Copies of the share or unit certificates
• Evidence of the holding as at 30 June
• Documents supporting the market value, as the ATO's guidelines ask
• The unit trust's financial statements and tax return for the year

Real estate

• The signed contract of purchase or sale, declaration of trust and settlement statement, if bought during the year
• Valuation evidence, with objective and supportable data, for the value at year end
• Insurance policies covering the property
• Invoices for any capital improvements and rental expenses during the year
• The agent's rental summary or statements for the year, showing the tenants and the rent received, or a copy of the signed lease
• For a residential or holiday property: confirmation of any use or lease by members or their relatives during the year
• A current land title search - we can get one for an additional fee

Bought through a limited recourse borrowing arrangement (LRBA)

• The signed loan agreement and the bare (custodian) trust deed
• Loan statements from 1 July to 30 June, and for a related-party loan the repayment schedule

Other investments, such as artwork, wine and collectables

• The original purchase invoice
• The current insurance policy
• A written lease agreement, where there is one
• Valuations, or other evidence supporting the current value
• Details of how they are stored
• Confirmation of any private use by members, or any benefit they have from them now

Contributions and benefits

Contributions

• Employer and member records confirming the contributions made to the fund during the year
• Confirmation that the work test was met by any member who contributed, where it applies
• For an in-specie contribution: evidence of the asset transferred, and its market value on the date the contribution was recognised
• Rollover or SuperStream statements for any rollovers into the fund during the year

Benefits paid

• Rollover or SuperStream statements for any rollovers out of the fund during the year

Expenses and tax

Expenses

• Invoices for significant expenses during the year, including invoices still unpaid at year end
• Copies of any death or disability insurance policies the fund pays for its members
• Invoices for the costs of setting up the fund
• All supporting documents for expenses a member paid on the fund's behalf

Tax

• The fund's ATO income tax account for the financial year, 1 July to 30 June
• The fund's ATO activity statement or integrated client account for the year, where it has one