The SMSF fund is audited each year and hence your fund should be monitored by a financial expert. You should lodge your SMSF annual return before 45 days before the date provided. This is one type of important information that needs to be aware by the SMSF holder. Failing to manage all the rules and regulation can create problems in managing SMSF.
If your funds are regularly monitored by the financial expert your fund will be working in accordance with rules with super law.
The person who audits your SMSF must be registered with ASICExternal Link. If he is registered then he must have SMSF auditor number and you can use the same in your annual return
The auditor who audits your fund should not have any financial interest in your SMSF. They should also not have any personal or any business relation with the SMSF member.
Even if you are not maintaining your fund your fund need to be audited in a financial year.
If you have your financial expert who is monitoring your fund he should be aware about your account and your transaction and these details will be passing to the auditor.
Your adviser should be aware of all the risk and benefit about your fund. He should also fulfill all the procedure and rules require maintaining SMSF within time limit. This will ensure your fund is running smoothly without any disturbance.
La Verne Capital T/as SMSF PRO AFSL License Number 482 937 and ABN : 20 609 554 485