Welcome
We are delighted to share that Connect SMSF Audit has been recognised as a finalist in three categories at the 2026 SMSF Awards:
- SMSF Audit Firm of the Year – Connect SMSF Audit
- Business Development Manager of the Year – Alexander Georgiou
- Office Manager of the Year – Marian Georgiou
The SMSF Awards recognise leading professionals and businesses across Australia’s SMSF sector, making these nominations a wonderful acknowledgement of the commitment, professionalism and service our team provides to our clients and industry partners.
We are extremely proud of Alexander, Marian and the entire Connect SMSF Audit team, and sincerely thank our clients and professional partners for their ongoing support.
We look forward to celebrating with our industry colleagues at the awards in Sydney in October.
George Georgiou – Managing Partner #100097434
Rick Welsh – Senior Audit Manager #100304283
Belinda D’Aspromonte – Audit Supervisor #100304550
Failed Minimum Pension Payments: A Key Audit Risk for 2026
SMSF auditors are being urged to pay particular attention to minimum pension requirements during the 2026 audit season. The ATO’s clarified position means that where a fund fails to meet its minimum pension payment, the pension does not automatically recommence on 1 July of the following financial year. Trustees must consciously recommence the pension and appropriate documentation should be in place.
A failed pension can also result in the fund losing its entitlement to Exempt Current Pension Income (ECPI) for the relevant period and potentially create compliance issues extending into a second financial year. Auditors should therefore confirm when the pension was formally recommenced rather than assuming it restarted automatically.
The ATO may allow limited concessions for small, genuine underpayments or circumstances outside the trustee’s control, generally requiring corrective payment within 28 days of discovery. However, even where the ATO allows the pension to continue for tax purposes, a breach of the SIS requirements may still have occurred.
Connect SMSF Audit reminder: Trustees and advisers should review pension payments early and ensure any pension recommencement is properly documented before the audit commences.
For further information, read the article: Failed minimum pension biggest challenge for auditors in 2026
Do You Know Who Is Signing Your SMSF Audits?
A recent ASIC case has highlighted an important governance question for accountants, advisers and SMSF trustees: do you know who is actually signing your SMSF audit reports?
The case involved a disqualified SMSF auditor who continued providing audit services and produced 47 false audit reports using another registered auditor’s name without their authority or involvement.
While an extreme example, it is a timely reminder that as SMSF audit practices increasingly use larger teams, technology, centralised portals and outsourcing, accountability for the final audit opinion remains with the registered SMSF auditor who signs the report.
Accounting practices should therefore periodically:
- Check the name and SMSF auditor number on audit reports;
- Confirm the auditor is currently registered;
- Ensure the signatory is the auditor they expect to be responsible for the engagement; and
- Question any unexplained change in the signing auditor.
At Connect SMSF Audit, we believe efficiency and technology are important, but they should never come at the expense of audit quality, transparency and professional accountability.
Knowing who signs your clients’ SMSF audits is more than an administrative detail. It is an important professional safeguard.
Cybercrime: A Growing Threat to SMSFs
SMSFs are increasingly attractive targets for cybercriminals because they combine high asset values with potentially vulnerable access points, including personal email accounts, mobile phones and online records. With the average SMSF holding approximately $1.51 million, trustees and SMSF professionals need to treat cybercrime as a genuine risk to retirement savings. Key risks include business email compromise, fraudulent changes to bank details, identity theft, myGov impersonation, investment scams and information harvesting.
A particularly important safeguard is to independently verify any change to payment details, contact information or financial instructions using a previously trusted communication channel, not the email or message requesting the change. Cybersecurity should therefore form part of good SMSF governance. MFA, strong passwords, secure information handling, staff training and documented incident-response procedures all have an important role.
The key message: when something changes unexpectedly, slow down, verify independently and never allow urgency to override proper controls.
For further information, read the article: The cybercrime threat facing SMSFs
A Message from Belinda and Rick: The Benefits of BrightWorkpapers
At Connect SMSF Audit, we are always looking for ways to make the audit process more efficient for both our team and our accounting clients. BrightWorkpapers provides a cloud-based working paper platform that helps accountants prepare organised, consistent and audit-ready files. Its SMSF functionality includes standardised workpapers and checklists, secure document management, workflow tracking and integrations with leading SMSF software.
For our clients, the benefit is a smoother audit process. Well-structured workpapers and supporting documents mean less time spent requesting missing information, fewer unnecessary queries and a clearer audit trail from preparation through to review and sign-off.
For our audit team, this allows us to focus more time on the areas that matter, such as audit risk, compliance and quality, rather than administration and chasing documentation.
Better workpapers. Fewer queries. More efficient SMSF audits.
Connect SMSF Audit Pty Ltd is an Authorised Audit Company
ABN 78 167 481 834 | PO Box 267 Brighton VIC 3186
www.connectsmsfaudit.com.au