The initial audit process

If you have been advised that you are being allocated a “case manager” then it is likely you are going to have your SMSF put through an initial audit. This will add a few weeks to the SMSF establishment. Below is an example of the letter you will likely receive. You can expect a similar letter in the mail shortly. The audit is set up in 2 parts.
1. The interview
2. The document review

The interview is a phone meeting where the ATO representative asks a number of questions relating to running an SMSF.
With an SMSF all trustees are equally responsible and accountable for:

  • managing and running the fund
  • making decisions
  • making sure the fund complies with the law.

You should familiarise yourself with the information on our audit page here:

Below is a list of the docs you need to provide. All the required documents are included in your Client Portal in your SMSF Establishment folder.

Preparing the paperwork

Additional Information

You have already signed every required document and we have uploaded these back into your Client Portal.

Details on where to find the individual docs are below.

Paperwork to forward to the ATO

The Trust Deed
– copy of the trust deed 

You can find he trust deed in your portal in the request:  “Your SMSF establishment documents”
There are two files to submit.
1. Deed
2. [Signed] Deed

Minutes of meeting and Investment Strategy
– copies of meeting minutes.
– details of the investment strategy

The SMSF Minutes and Investment Strategy are part of the documents you have electronically signed. These can be found in the request “Your SMSF establishment documents” within the file named “[your fund name] – esigned docs”.
Please provide this entire file to the ATO.

You should review your investment strategy regularly.  if you need to make any updates, we can provide you with a template to complete.

Evidence of accounts
evidence of account/s held by the fund at banks and other financial institutions either a bank statement or letter
If you have set up any accounts under the SMSF name include them here. (This may not be applicable).

Asset Acquisitions
details of asset acquisitions
There should be no assets acquired at this stage.

Trustee declarations
– copy of the signed trustee declaration form for each of the trustees or directors of the corporate trustee
Please provide the ATO with a copy of the ATO Declaration(s) you have signed. These can be found in the file “[signed] ATO Declaration” in your “SMSF Establishment Documents” request.

Invoices and receipts
– details and/or supporting evidence (such as invoices) in relation to the setting up of the fund and/or rollover or payment of superannuation benefits to members
Anything that has been paid using SMSF funds. Also the invoice for the establishment of the SMSF. This will be labeled “Invoices” in your “SMSF Establishment Documents” request.

Once you have sent in the docs and completed the audit interview your SMSF approval should come through within 2 weeks.

If you are unsure of anything please send us a message through your portal and we will be happy to assist.