WE KNOW THE LAY OF THE LAND: SMSF AUDITS

WE INVITE YOU TO RECEIVE X2 COMPLIMENTARY SMSF TRIAL AUDITS

BE CONFIDENT OF MEETING THE NEW APES110 AND INDEPENDENCE GUIDE STANDARDS WITH AQUILA SUPERACT NOW: Start your practices’ transition to avoid the capacity constraints expected in 2021. MORE > Aquila Super is one of Australia’s largest and most experienced SMSF specialists and has become the preferred independent SMSF auditor for hundreds of accounting practices, nationwide.

Partnering with Aquila Super removes the complexity, liability and internal resource drain from a practice’s regular accounting services. Aquila Super is well aligned to support accounting firms independently of size, that:

1. Currently provide an SMSF service (with or without audit capabilities)

2. Don’t provide an SMSF service, but would like to extend their service offering

GET THE AQUILA SUPER EDGEAdvantages of selecting Aquila Super to conduct a practices’ SMSF audits include:

• Transference of liability to an established, accredited SMSF specialist

• Confidence that all stringent SMSF client legislative requirements are met

• Assurance that any challenges will actively be addressed, and resolved with a pragmatic approach

• The certainty of a straight-forward and efficient audit process, with complete transparency via cloud-based software

• Direct access to highly experienced staff and a dedicated Audit Partner who boasts excellent technical expertise

HOW IT WORKSWe invite you to receive x2 complimentary SMSF trial audits.

1. UPLOAD: Upload fund audit documents via a secure client portal. Your job will be automatically logged and tracked in real-time throughout the audit process.

• Click here for the SMSF Audit checklist• Click here for the Class checklist• Click here for the BGL360 checklist

2. ENGAGE: The engagement (and other audit letters) are generated and supplied forsigning by the Trustee

3. COMMUNICATE: Communicate directly with your SMSF auditor to answer queries,discuss compliance matters or request any outstanding documents

4. SUPPLY: Supply outstanding signed and/ or requested source documents to finalise queries

5. COMPLETE: The final audit package will be provided directly to you, including the auditreport, management letter and invoice

The typical turnaround is 5-days, pending timely responses to any queries.

FEESAquila Super charges a flat fee per SMSF audit, and is renowned for being efficient, pragmatic and value-driven:• The company offers a competitive, flat-fee pricing structure for all SMSF audits• Pricing is not determined by fund structure• There are no restrictions on investments or profile• Advice on technical SMSF enquiries is complementary

Aquila Super charges a flat fee of $450 + GST per SMSF audit.• Small additional fees may be incurred for non-standard audits, such as lodgment of auditor

contravention reports ($75)• Bulk volume discounts may apply. Please contact Ben Lacey to discuss.

In addition to being a leading SMSF audit provider, Aquila Super is one of Australia’s largest and most experienced SMSF administration and accounting services providers. Click here for more information.

Fund Name

Firm Contact

GENERAL REQUIREMENTS – NEW ENGAGEMENTS

SMSF Trust Deed

Amended Trust Deed (if applicable)

Member applications and consent to act as Trustee

ATO Trustee Declaration (if new trustee post 01/07/2007)

Investment Strategy (for year being audited)

Prior year Financial Statements, signed

Prior year Income Tax Return

Prior year Audit Report, signed (include Management Letter)

Company Statement for corporate trustee (if applicable)

Engagement Letter (we will provide)

ONGOING TRUSTEE DOCUMENTS

Trustee Representation letter

Trustee annual minute

Company Statement for corporate trustee

Financial Statements Trustee Declaration

FINANCIAL REPORTS

Operating Statement

Statement of Financial Position

Notes to the Accounts

Members’ Statement

General Ledger

Income Tax Return

Trial Balance

Investment Summary Report (30 June market values)

Investment Movement Report

Detailed Investment Transactions

Investment Income Report

Investment Disposal Report

Capital Gain/Loss Reconciliation

Statement of Taxable Income

SUPPORT FOR NEW MEMBERS/TRUSTEES

Membership Application

Consent to act as Trustee

ATO Trustee Declaration Statement

Minutes, resolutions or trust deed variation if applicable

SUPPORT FOR TAXATION

Tax Reconciliation

ATO Portal reports

Actuarial Certificate

Excess Contributions Tax (documents from ATO)

Release authorities

SMSF AUDIT CHECKLIST

SUPPORT FOR INVESTMENTS All investments must have documentation to substantiate the market value and the income and expense associated

Bank Statements: Statements for all accounts for the full year

Term Deposit Statements: Purchase & maturity notices (incl maturity post 30/06)

Listed Securities: Holding statements for year end balances Dividend/ Distribution Statements HIN & Postcode for broker holdings

Sharebroker annual transactions and 30 June

summary statement Purchase and Sale Contracts (for current year)

Managed Funds/ Unit Trusts: 30 June summary statements

Distribution and tax statements

Unlisted Companies: Full set of Financial Statements Share Certificate(s) Tax return

Company Statement Related Party confirmation Valuation support for underlying assets

External Manager Portfolio/ wrap Accounts: Full set of Annual Portfolio Reports Cash account statements for full year

Annual Tax Statement External Audit Report on Controls (eg GS007)

Closely Held/ Related Unit Trusts: Full set of Financial Statements Trust Deed Company Statement of the Trustee Company Lease if underlying property leased to related

Copy of Income Tax Return for related Unit Trust Unit Register/ Unit Certificates Title Certificate for the underlying property Valuation support for underlying assets

Property: Sale/ Purchase contracts & settlement statement Copy of rates notice showing lot and plan number Current lease agreement (if not via agent) Confirmation of income and expenses

(rental statement, invoice etc)

Title Certificate (if available or we will obtain) Current market valuation (independent or trustee) Insurance for the property Declaration of Trust or other instrument if individual

trustees

Loans: Loan Agreement Related party confirmation

Loan Schedule Evidence of any Loan repayment post 30/06

Collectables (Artwork, Classic Cars, Coins) and Other Investments:

Purchase documents Insurance policy showing ownership details Decision on Storage or Collectibles Held template Confirmation of existence at 30 June (inventory report

or notary declaration may be required)

Any valuations by independent valuer Cars – odometer reading at start and end of year Documents of disposal

Limited Recourse Borrowing Arrangements: Bare Trust Deed Loan Agreement

(detailed showing loan is limited recourse)

Purchase documents – underlying asset Bank Statements for the loan account Loan reconciliation if related party loan arrangement

Other Assets (not Collectibles): Purchase documents Confirmation of Existence at 30 June

Storage details Income and market valuation details

Derivatives (eg Option Trading): Transaction Statements Derivative Risk Statement (if required)

Monthly Open Position Statements

Support for Contributions: Confirmation of contributions for each

contributing member Co-contribution Statement

In-specie contributions: documents confirming date of

transactions/market value of asset Work test declaration if applicable

Support for Rollovers and Other Contributions: Rollover Statement from previous Fund CGT Small Business Rollovers: CGT cap election

Contribution Splitting advice

Support for Benefits Paid: Pension/Lump Sum: Confirmation of benefits paid Pension commutation/restructure documentation Retirement or condition of release declaration

(If not detailed in pension minutes)

Pension establishment documentation Request for lump sum from member and minutes

Support for Benefits Paid: Rollovers/Transfers Out: Rollover statement (showing ABN of new fund) Confirmation of receipt by receiving fund

Member rollover request support

Support for Expenses: Invoices confirming expenses paid

Life insurance policy – showing name of policy owner

Support for Death benefit payments or FLA: Death certificate (or Probate) BDBN if applicable Trustee minutes on death benefit payment decision

Court Order or Consent Order for superannuation split Trustee minutes & member requests Any other relevant support

Other Relevant Information:

We thoroughly recommend Aquila Super for all your SMSF Audits. The Aquila team is a professional outfit which is proactive and reliable. Their turnaround time is consistently exemplary and their services are competitively-priced, whilst remaining thorough. Their Super knowledge is invaluable and assist with any queries we might have. We have found the Aquila team to always be very approachable and readily available.

Renee Francis & Lola Manitto, SMSF Relationship Managers at Halpin Partners, Cairns QLD

ENQUIRE NOW

BEN LACEY CA, SSAud®

AUDIT PARTNER SMSF SPECIALIST AUDITOR™

P: 1300 770 149 E: Ben_Lacey@aquilasuper.com W: aquilasuper.com

WE INVITE YOU TO RECEIVE X2 COMPLIMENTARY SMSF TRIAL AUDITS