30/10/2018

Download our Legal Compliance Statement to assist your auditor

Before an SMSF can lodge their annual return, an approved SMSF auditor must audit the Fund each year.  The auditor will assess the Fund’s financial statements from the previous financial year and also report on the Fund’s compliance with superannuation law.  As part of the audit, the SMSF auditor will look at the Governing Rules of the Fund and determine whether they comply with the Superannuation Industry (Supervision) Act 1993 (Cth) (the SIS Act).

Townsends Business & Corporate Lawyers have prepared a handy toolkit document for SUPERCentral trustees, their advisers and SUPERCentral fund auditors in the form of our ‘Legal Compliance Statement 2018-19’.

This document will provide to the trustee and auditor of the Fund a legal opinion confirming that all versions of the SUPERCentral Governing Rules which applied during the 2017/18 financial year complied with the SIS Act.

Along with our legal opinion, the Legal Compliance Statement contains several informative schedules.  The schedules include descriptions and statutory references to the SIS Act and which rules they are covered by in the SUPERCentral Governing Rules, assisting the auditor in forming an opinion as to whether the trustee of the fund has complied with the relevant SIS Act provision.  The schedules also contain a list of questions issued by the Auditing and Assurance Standards Board, together with our comments on those questions and the corresponding SUPERCentral Governing Rules provisions, which the auditor may need to consider when performing the audit of the fund.

This document is available to download free of charge for all SUPERCentral advisers.  Please contact our office should you require any assistance in obtaining this document.

For further information, please contact Townsends Business & Corporate Lawyers on (02) 8296 6222 or email info@townsendslaw.com.au to see how we can assist.