Yes, the funds can be used for other investments as long as it does not violate the rules. As much as possible, the trustee should know the responsibilities of being a trustee and beneficiary. It is a requirement by the Australian Tax Office that the audits are conducted by a licensed and independent SMSF auditor.
The trustees of self-managed superannuation funds, has to understand all the legal and taxation obligations to prevent potential fines by the tax office. Thus, one of the obligations is to submit all funds for SMSF Audit once a year. The financial audit as well as the overall compliance of the funds with the rules should be incorporated in the SMSF audit. Due to the complexity of the audits, it is necessary to hire an accountant who has an expertise about self managed superannuation funds to help in the preparation of the documents required for the audit. In this way trustees will be guided properly to ensure that the fund is complying with the rules.
The SMSF audits must be conducted by authorized SMSF auditors. The auditor has the ability to carry out robust audit in order to rule out possible problems. Likewise, by choosing SMSF audit firm independence issues are eliminated and at the same time enhance the entire self managed superannuation fund services. In the same manner, through the SMSF audit it is determined whether the entity is compliant or not. This means that the audit helps the trustees to abide by the rules and at the same time protects the SMSF to avoid engaging in bad investments.
Moreover, since the trustees of Self Managed Superannuation Fund are required to undergo SMSF audit it is necessary to keep all the records. Likewise, after the audit the report should be submitted to Australian Taxation Office. If all the trustees are not knowledgeable about handling administrative matters then the best thing to do is to hire professional to help do the job. In the same manner, you can also hire SMSF administrators to assist in managing the self managed superannuation finds set up. They can also help in growing the investment in such a way that your retirement income is very well secured.