SMSFs need to appoint an auditor no later than 45 days before they lodge their SMSF annual return (‘SAR’).

In preparation for lodgment of the SAR, SMSF trustees also need to:

-complete a market valuation of all the SMSF’s assets;

-prepare the SMSF’s financial statements; and

-provide signed copies of documents to their auditor, so the auditor can determine the SMSF’s financial position and its compliance with superannuation laws.

If an SMSF’s SAR is more than two week’s overdue, and the SMSF trustee has not contacted the ATO, the ATO will change the status of the SMSF on Super Fund Lookup to ‘Regulation details removed’, and this status will remain until any overdue lodgments are brought up to date.

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With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice