[Jessica Johl]

Hi Phuong

When an SMSF has an unlisted private company investment (and that company is not audited itself), we need to satisfy ourselves as to the assets, liabilities (and therefore net asset valuation) of the company. Treat it as it’s own individual mini audit. Bank statement at year end for bank balance, support for assets (ie. if property: title deed and valuation), support for liabilities (i.e. if bank loan: statement at year end).

 

Hope this helps.

Jess