How much does SMSF Australia charge for annual SMSF accounting?

SMSF Australia offers three fixed-fee annual packages: Basic Fund at $1,300+GST (listed shares, managed funds, ETFs, term deposits), Complex Fund at $1,600+GST (adds direct property up to 2, cryptocurrency, precious metals), and Very Complex Fund from $2,000+GST (unlisted assets, private loans, derivatives, NFTs, 3+ properties). All packages include the independent SMSF audit at no additional cost.

Is the SMSF audit included in the annual fee?

Yes. The independent SMSF audit is included in all three annual fee packages — Basic, Complex, and Very Complex. It is not charged as a separate add-on.

Can SMSF Australia service my fund if I am not in the same state?

Yes. SMSF Australia operates nationally across all Australian states and territories. All client meetings and services are conducted via Zoom — there is no requirement to be near a physical office.

How much does it cost to set up an SMSF with SMSF Australia?

The SMSF setup fee is $2,000+GST, which covers corporate trustee establishment (ASIC fee $636), SMSF trust deed ($400), Class Super first-year licence ($250), ABN and TFN applications, investment strategy preparation, and rollover coordination.

Does SMSF Australia provide financial advice?

No. SMSF Australia does not provide financial planning or investment advice. Services are limited to SMSF accounting, tax, audit, compliance, and legal matters.

Do SMSF’s need to be audited every year?

Do SMSF’s need to be audited every year? An SMSF’s financial and operating statements must be audited every year. An audit report must be provided to the SMSF trustee within 28 days after the SMSF auditor has received all necessary information to undertake the audit.

An SMSF auditor performs two types of audits: Part A, a financial audit, and Part B, ensuring compliance with SISA and SISR. The audit report verifies the accuracy of the financial information and evaluates whether the SMSF trustees have adhered to SISA and SISR regulations.

An SMSF auditor must be appointed within 45 days before the fund’s annual tax return due date. An SMSF under a tax agent’s program, typically lodges by 15^th May or for first-time funds, the due date is generally 28^th February. However, if the SMSF is self-prepared and not under a tax agent’s program the due dates are 28^th February or the 31^st October for first-time funds, see the ATO website for more details.

An SMSF audit must be conducted by a licensed approved SMSF auditor. The auditor must be registered with ASIC.

Auditor Independence

A key requirement of an SMSF audit is auditor independence, which is heavily emphasised by ASIC registration, ATO requirements, and the SMSF auditor’s professional body. The ATO is concerned about the potential for members or related parties of an SMSF to access benefits before retirement. An SMSF auditor assesses compliance and reports non-compliance of SISA to the ATO via an auditor’s contravention report (ACR).

SMSF auditor registration with ASIC

An SMSF auditor must demonstrate the following to become registered with ASIC:

be an Australian resident
pass a competency examination
have an accounting degree, diploma or certificate which has been undertaken over at least a 3-year period including an audit component
have a required level of practical experience

Ongoing requirements for SMSF auditors

Ongoing requirements include:

auditor independence requirements set out in APES 110 Code of Ethics for Professional Accountants as required under the Accounting Professional & Ethical Standards Board Limited
comply with applicable auditing and assurance standards issued by the Auditing and Assurance Standards Board (AUASB)
keep auditor details up-to-date on the ASIC register
hold professional indemnity insurance
120 hours of ongoing professional development
lodge an annual statement with ASIC 30 days after the auditor’s registration date confirming you are not disqualified from being an SMSF auditor and you remain a fit and proper person and not been convicted of a crime or have legal proceedings pending for criminal offences for acts of dishonesty, breach of trust or professional misconduct or entered into bankruptcy or declared bankruptcy

ATO monitor SMSF Auditor Compliance

The ATO notify ASIC of any non-compliance issues. ASIC then investigates the matter and if the auditor is found to be non-compliant, they can take actions such as imposing a condition on the auditor’s registration to cancelling or disqualifying the auditor from being an approved SMSF auditor.

SMSF Auditors must comply with SISA and SISR

The superannuation laws and regulations support ASIC requirements and also require the auditor to comply with conditions that ASIC impose on their SMSF auditor registration.

ATO Penalties imposed on SMSF Auditors

An SMSF auditor can be penalised with either a monetary penalty or possibly imprisonment in relation to the following SISA requirements:

section 35C (6) failing to provide the audit report to the SMSF trustees within 28 days after the auditor has received all of the information required to undertake the audit
section 129 (3) failing to inform SMSF trustees and the ATO of SISA contraventions or if the SMSF has an unsatisfactory financial position identified during the audit
section 131B a person fraudulently holds themselves out as being an approved SMSF auditor
section 131C a person acts as an approved SMSF auditor when they are disqualified or suspended by ASIC

SMSF Auditor’s Professional Body

An SMSF auditor may belong to a professional body such as Chartered Accountants Australia & New Zealand (CA ANZ), Institute of Public Accountants (IPA), Self-Managed Super Fund Association (SMSFA) or Certified Practicing Accountants (CPA). Each professional body requires ethical, professional and independence standards be adhered to.

What information does the Auditor Verify?

Do SMSF’s need to be audited every year? The auditor verifies the accuracy of financial details and reviews income and expenses against source documents. They confirm contribution types and amounts, ensuring proper classification and allocation to members. Member payments are similarly checked for correct classification and allocation.

Related party transactions are scrutinised to ensure they are at arm’s length, supported by independent evidence and are able to be made under SISA. Market valuation of a fund’s investments at 30^th June is required which must be based on objective and supportable data i.e. a real estate agent’s valuation based on recent sales of similar properties in the same area.

Loans made to unrelated parties should be supported by an executed loan agreement setting out the terms and conditions and include clauses relating to penalties and actions for non-compliance. The SMSF must act in accordance with the loan agreement.

The auditor will review whether an SMSF has complied with the rules in relation to a limited recourse borrowing arrangement (LRBA) and will verify documentation such as the establishment of a bare trust, loan documentation, how the consideration for the property was paid for by checking bank records and purchase contracts and the title of the property is in the name of the bare trustee.