If you manage a Self-Managed Super Fund (SMSF), you’ll need both an SMSF accountant and an SMSF auditor to ensure compliance with the ATO and superannuation laws. While their roles overlap in some areas, they serve distinct functions.
In this guide, we’ll break down the differences between an SMSF accountant and an SMSF auditor, their responsibilities, and how they work together to keep your fund compliant.
What Does an SMSF Accountant Do?
An SMSF accountant plays a crucial role in managing your fund’s financial and tax obligations. Their key responsibilities include:
- Preparing financial statements & tax returns – Ensuring accurate reporting of contributions, investment income, expenses, and member payments.
- Managing compliance – Helping trustees meet obligations under the Superannuation Industry (Supervision) Act (SISA), tax laws, and ASIC regulations.
- Handling contributions & pensions – Monitoring contribution caps, processing pension commutations, and lodging Transfer Balance Cap Reports (TBCR).
- Tax & GST reporting – Lodging SMSF annual returns, PAYG, and GST filings (if applicable).
- SMSF setup & administration – Assisting with fund establishment, corporate trustee arrangements, and Limited Recourse Borrowing Arrangements (LRBAs).
- Actuarial certificates – Arranging exemptions for pension income where required.
An SMSF accountant also provides strategic tax advice, helps with record-keeping, and ensures the fund meets ATO deadlines.
What Does an SMSF Auditor Do?
An SMSF auditor independently reviews your fund’s financial records and compliance with superannuation laws. Their role includes:
Financial audit – Verifying the accuracy of financial statements prepared by the accountant.
Compliance audit – Checking adherence to SISA regulations, including investment rules, related-party transactions, and benefit payments.
Issuing audit reports – Providing an independent audit report and highlighting any compliance breaches.
Lodging contravention reports – Reporting serious breaches to the ATO via an Auditor Contravention Report (ACR).
Key Requirements for an SMSF Auditor
- Must be ASIC-registered and meet strict independence standards.
- Cannot audit their own accounting firm’s clients (no reciprocal arrangements).
- Must comply with APES 110 (Code of Ethics) to avoid conflicts of interest.
How Do SMSF Accountants & Auditors Work Together?
The ATO mandates that SMSF audits must be conducted by an independent auditor, separate from the accounting firm handling day-to-day administration.
Here’s how they collaborate:
- The accountant prepares financial records, while the auditor verifies them.
- The auditor flags compliance issues, and the accountant helps resolve them.
- Both ensure asset valuations (e.g., property, shares) are accurate, especially for:
- Pension commencement
- Related-party transactions
- Member death benefits
This separation ensures transparency and reduces the risk of conflicts of interest.
Why Your SMSF Needs Both Professionals
Accountant = Financial management, tax compliance, and strategic advice.
Auditor = Independent verification and regulatory compliance.
Failing to appoint a qualified SMSF auditor can lead to ATO penalties, while poor accounting can result in tax errors or compliance breaches.
Need SMSF Accounting or Auditing Services?
At SMSF Outsourcing Services, we provide:
Expert SMSF accounting – Tax returns, compliance, and financial reporting.
Independent SMSF audits – ASIC-approved auditors for full compliance.
