Your SMSF registration may be selected for review or audit by the ATO. This process involves a phone call interview and a letter requesting setup documents and other relevant information.
The purpose of the ATO’s audit and review is to ensure trustees understand their responsibilities and prevent early release without conditions of release, etc. The required documents in the ATO’s letter are outlined below:
- Copy of the trust deed: This has been provided to you in the setup email.
- Copy of meeting minutes: This has been provided to you in the setup email.
- Evidence of account/s held by the fund at banks and other financial institutions, either a bank statement or letter. If you haven’t opened the bank account for your SMSF, please notify the ATO. If you have opened the bank account for your SMSF, please provide the bank confirmation letter or statement.
- Details of the investment strategy, including any asset acquisitions. The investment strategy template is included in the setup email. You can modify it to suit your needs.
- Copies of the acquisition or transfer contract for all assets acquired by the fund if applicable. This is not applicable because your SMSF’s ABN is not complying yet.
- Copy of the signed trustee declaration form (publication number NAT 71089) for each of the trustees or directors of the corporate trustee: This has been provided in the setup email.
- Details and/or supporting evidence (such as invoices) of any commissions, fees, or other payments made or intended to be made in relation to the setting up of the fund, fund investments, and/or rollover or payment of superannuation benefits to members (including date, amount, and reason for the payment, name, and ABN/TFN of the individual or entity to whom the payment was made): You can send our invoice to the ATO if you have a corporate trustee, and you do not need to provide anything if you have an SMSF with individual trustees.
- Copies of advertisements received or viewed in relation to self-managed superannuation funds: The answer should be not applicable. It was your decision to set up the SMSF. iCare Super does not conduct any advertisements. We are a firm of accountants who help with the setup process and ongoing management.
- Copies of financial advice received, including a statement of advice and invoice and/or receipt: The answer should be not applicable if you did not engage a financial planner. We do not provide financial advice.
- Copies of communication between the fund/trustees and the person/people who manage and/or established the fund, including emails, text messages, letters, etc.: You can provide the ATO with the setup email we sent to you.
Please feel free to contact us if you have any questions regarding the ATO’s audit of your SMSF registration.