Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge their SMSF annual return.
From 1 July 2013, trustees should check with the auditor they intend to appoint to make sure they are registered with the Australian Securities and Investments Commission (ASIC) and have been issued with an SMSF auditor number – even if they have appointed this auditor for previous years.
They must appoint their auditor no later than 45 days before the SMSF annual return is due for lodgement.
SMSF auditors who are not registered with ASIC cannot undertake SMSF audits.
SMSF MARKET VALUE REPORTING
For the 2012–13 income year and any later years of income, SMSFs are required to use market value reporting for their financial accounts and statements.
SMSF SUPERVISORY LEVY
The SMSF levy will increase from $191 to $259 per annum from 2013-2014. Payment will also be brought forward so it is collected and levied in the same year. The bring forward component will be phased in over 2 years.