Audit Requirements

Below is the list of details needed for the annual audit of your SMSF:

• A copy of bank statements for the year for all accounts, including mortgages on any property held
• Portfolio reports (full copy) which show the company details from the portfolio provider. These should include (where applicable), portfolio valuation, realised and unrealised gains and losses
• Dividend statements
• Managed funds annual summaries
• Managed fund annual summaries held outside of a complete portfolio
• Invoices for any payments made by the SMSF, including expenses for any rental properties
• Rental property summaries from managing agents
• Buy and sell notices for any share sales, purchases or reinvestments
• Valuation of any property held by SMSF – A new valuation should be completed each year
• Certificate of title for any property held - This can be obtained from the land title office in the relevant state for a small fee. 
• Copy of minutes for meetings
• Any investments must be at arm's length

Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.