* Approved letter issued by the ATO. 

* Signed application made by fund members to the superfund for early release or                   withdrawal. 

* Signed copies of minutes of trustees’ meetings approving the early lump sum payment. 

* Signed copies of confirmation letters sent to the members by the trustees. 

1. Keep an eye on reduced minimum pension withdrawal limits 

    

      In the case of minimum pension withdrawals, an SMSF auditor will verify that the                reduced minimum limit allowed has not already been used or exceeded by the                    member. 

2. Ensure reasonableness of rent relief granted to members and maintain proper                    documents  

      SMSF auditors will check the reasonableness of the rent relief provided to members          when they audit your super fund. To convince your super fund auditor that reliefs                given are reasonable, you must maintain the following documents:  

       * Tenant’s written request for rent relief on the grounds of the economic effect of                    COVID 19 to SMSF. 

       * Trustees’ minutes of meetings held for approving the rent relief. 

       * If the rent relief arrangement is not as per the ‘National’s cabinet mandatory code of           conduct – commercial leasing principles’ then the justification for the negotiation of             the alternate arrangement. 

       * Agreed updated lease terms. 

3. Ensure loan reliefs to members are reasonable and documentation is complete 

       During SMSF auditing, superfund auditors check for the reasonableness of the loan           relief provided by the SMSF to its members. To support your claim that loan reliefs             are reasonable you must maintain the following audit documents: 

       * Member’s written request for loan relief made to trustees on the grounds of the                    economic effect of COVID 19. 

       * Trustees’ minutes of meeting confirming the loan relief and the basis of its                            reasonableness. 

       *  Agreed updated loan terms. 

4. Disclosure in financial statements  

       If the financial statements for the financial year 2019 have not been issued by the               SMSF and the value of assets is much lower at the time financial statements are                 issued than what was mentioned before, then “subsequent events notes” to the                   financial statement regarding financial year 2019 should be added. Similar disclosure         might be required for the financial statements of financial year 2020. 

These were some tips for you to follow during the superfund audit. The more you are prepared for the superannuation audit, the more relaxed you will feel.