SMSF Audit Services
Every self-managed super fund is required to undergo an independent audit each year. We coordinate your SMSF audit from start to finish, preparing a thorough audit file and working directly with your auditor to keep the process smooth, efficient, and fully compliant.
SMSF Audit Coordination Made Simple
Most business owners we speak to have the same story. They set up an SMSF a few years ago, contributions go in each year, the annual compliance gets done, and that is about as strategic as it ever gets. Meanwhile their accountant looks after the business, their financial planner manages their personal investments, and their super sits somewhere in the middle, connected to neither, optimised by neither.
This is not a criticism of anyone involved. It is simply how most SMSF advice has worked. Reactive. Siloed. Focused on compliance rather than opportunity.
The problem is that business owners have more complexity and more opportunity inside their SMSF than almost any other client type. Variable income creates contribution timing opportunities. Business real property creates the chance to use super to own the premises your business operates from. An upcoming business sale creates a retirement planning window that, if planned for correctly, can significantly reduce the tax on your exit.
These are not small opportunities. They are potentially life-changing financial decisions that require a specialist who understands both business and superannuation to identify and act on them at the right time.
At New Wave SMSF, we are built specifically for business owners. Our accounting, financial planning, and legal teams work together within the same firm to ensure your SMSF is fully connected to your business strategy, your tax position, and your retirement goals.
This information is general in nature. For advice specific to your circumstances, please speak with one of our qualified advisers.
What Our SMSF Audit Service Includes
We manage every aspect of your SMSF audit coordination.
Here is what is included:
Audit File Preparation
We prepare a thorough, well-organised audit file throughout the year, ensuring all financial statements, transaction records, and supporting documents are ready for the auditor well before the deadline.
Independent Auditor Coordination
We work directly with your independent SMSF auditor, answering queries, providing supporting documentation, and managing the audit process so you do not have to deal with it yourself.
Financial Statements and Member Statements
We prepare accurate annual financial statements and member statements that form the basis of the financial audit, ensuring every figure is correctly calculated and supported by appropriate documentation.
Compliance Review Before Audit
Before the audit commences, we review your fund’s compliance position to identify and address any potential issues, reducing the risk of audit findings or qualifications being raised.
Audit Finding Resolution
If the auditor raises a finding or qualification, we work with you to address it promptly and correctly, managing the ATO reporting obligations that arise from any adverse audit findings.
Ongoing Record Keeping Support
We maintain accurate, audit-ready records for your fund throughout the year, so when audit time comes the process is straightforward rather than a last-minute scramble to gather documentation.
Why Getting Your SMSF Audit Right Matters
The SMSF audit is not just a formality. It is the primary mechanism through which the ATO monitors compliance across the self-managed super fund sector. An auditor who identifies issues in your fund is required by law to report certain contraventions to the ATO, which can trigger compliance action, penalties, and in serious cases, disqualification of your fund.
Common issues that arise during SMSF audits include incomplete or inaccurate financial records, missing transaction documentation, incorrect treatment of contributions or pension payments, related party transactions that do not meet arm’s length requirements, and assets held in the wrong name.
Most of these issues are entirely preventable with proper record keeping and proactive compliance management throughout the year. When your accountant maintains audit-ready records from the start, the annual audit becomes a straightforward confirmation of compliance rather than a stressful search for missing documents.
Working with a specialist SMSF accountant for your audit coordination helps ensure:
- Your audit file is complete, accurate, and well-organised
- Your auditor receives everything they need without delays
- Potential compliance issues are identified and resolved before the audit
- Any audit findings are addressed promptly and reported correctly
- Your fund’s annual return is lodged on time with a clean audit report
- Your fund maintains its complying status and ATO registration
Who This Service Is For
Our SMSF audit coordination service is designed for trustees who want their annual audit handled professionally and efficiently.
This service is the right fit if you are:
A Trustee Who Wants a Stress-Free Annual Audit
You want your annual audit handled by a specialist team who prepares everything, coordinates with the auditor, and keeps you informed without burdening you with the detail. That is exactly what we do.
A Trustee Whose Fund Has Received an Audit Finding
Your fund has received an adverse finding or qualification from a previous auditor and you want a specialist team to address the issues, rectify the records, and ensure this year’s audit is clean.
A Trustee with a Complex Fund
Your fund holds property, cryptocurrency, operates an LRBA, or has other complex features that make the audit more demanding. We have specialist experience preparing audit files for funds with complex asset structures.
A Trustee Who Has Changed Accountants
You have recently moved your SMSF accounting to a new provider and you want to make sure your records are brought up to standard and your next audit goes smoothly from the start.
The New Wave SMSF Difference
At New Wave SMSF, audit readiness is built into how we manage your fund throughout the year, not something we scramble for at year end.
- Audit Ready All Year Round
We maintain accurate, well-documented records for your fund from day one. By the time your annual audit comes around, the file is already prepared and the process is straightforward. No last-minute document gathering, no surprises.
- Specialist Knowledge of Complex Audit Areas
Cryptocurrency holdings, LRBA structures, related party transactions, and in-specie transfers are all areas that attract close scrutiny during an SMSF audit. We have specialist experience preparing audit files for funds with these features and ensuring they meet the auditor’s requirements.
- Integrated with Your Accounting and Tax
Your audit does not exist in isolation. It is connected to your annual financial statements, your tax return, and your overall compliance position. Because we handle all of those within the same team, your audit coordination is always part of a complete, coordinated service.
Ready for a Stress-Free SMSF Audit?
Whether you need specialist support for your next annual audit or you want a team that keeps your fund audit-ready all year round, we are here to help.
What Our Clients Say
We are proud to support SMSF trustees and individuals with professional accounting and financial services.
Disclaimer
This information is general in nature and does not constitute financial or legal advice. SMSF audit coordination services are delivered by New Wave Accountants and Business Advisory. New Wave Financial Planning Pty Ltd is an Authorised Representative of NWG Financial Services, AFS Licence No. 538619. For advice specific to your circumstances, please speak with a qualified adviser before acting on any information contained on this page.