Lodge an annual SMSF audit before lodging the SMSF Annual Return
Self-managed super funds must be audited by an ASIC-registered auditor each year.
Who must comply
SMSF trustees.
What triggers it
Operating an SMSF.
When due
Annual — before lodging the SMSF Annual Return (typically by 28 February or 15 May, depending on tax agent arrangements).
Evidence required
Auditor's report (financial + compliance), audit working papers, ACR if contraventions identified.
Max penalty
ATO penalties (admin penalties + non-compliance tax); risk of fund becoming non-complying (loss of concessional tax rate)
Summary
Section 35C of the SIS Act requires SMSFs to be audited annually by an approved SMSF auditor (ASIC-registered, independent). The audit covers financial and compliance components. Auditor must report contraventions to the ATO via an Auditor/Actuary Contravention Report (ACR).
Enforced by
Source legislation
Entity types
Topics
Related obligations
- CWLTHMaintain SMSF compliance with the sole purpose test (s 62)SMSFs must be maintained for the sole purpose of providing retirement benefits.
- CWLTHPay superannuation on every payday (Payday Super)From 1 July 2026, super must reach the employee's fund within 7 business days of each payday.
- CWLTHComply with SIS Act trustee covenantsSuper fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.
- CWLTHTrust account audit + ASIC / state regulator submissionHolders of client trust accounts (real estate, legal, conveyancing) must lodge annual audited accounts.
- CWLTHAnnual YFYS performance test (MySuper + Choice)APRA annual performance test for MySuper products + (from 2024) Trustee Directed Products.
- CWLTHStronger Member Outcomes — APRA SPS 515RSE licensees must annually assess member-outcomes performance + take action.
Frequently asked questions
- Who must comply with an annual SMSF audit before lodging the SMSF Annual Return?
- SMSF trustees.
- What triggers an annual SMSF audit before lodging the SMSF Annual Return?
- Operating an SMSF.
- When is an annual SMSF audit before lodging the SMSF Annual Return due?
- Annual — before lodging the SMSF Annual Return (typically by 28 February or 15 May, depending on tax agent arrangements).
- What is the maximum penalty for an annual SMSF audit before lodging the SMSF Annual Return?
- ATO penalties (admin penalties + non-compliance tax); risk of fund becoming non-complying (loss of concessional tax rate)
- What evidence is required for an annual SMSF audit before lodging the SMSF Annual Return?
- Auditor's report (financial + compliance), audit working papers, ACR if contraventions identified.
Source: https://ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/administering-and-reporting/smsf-auditors. Rules Mate is not a law firm. Always verify against the live regulator source before acting.