<<SMSF_Name>>
<<SMSF_Address>>

<<Date>>
<<Auditor_Name>>
<<Auditor_Firm>>
<<Firm_Address>> 
<<Firm_Suburb>>

Dear Sir / Madam,

Trustee Representation Letter

This representation letter is provided in connection with your audit of the financial report of <<SMSF_Name>>		 (the Fund) and the Fund’s compliance with the Superannuation Industry (Supervision) Act 1993 (SISA) and SIS Regulations (SISR) and the requirements of the relevant Income Tax Assessment Act, for the year ended 30 June <<Audit_Year>>, for the purpose of you expressing an opinion as to whether the financial report is, in all material respects, presented fairly in accordance with the accounting policies adopted by the Fund and the Fund has complied, in all material respects, with the governing rules of the Fund, relevant requirements of SISA and SISR.

The trustees have determined the Fund is not a reporting entity for the year ended 30 June <<Audit_Year>> and the requirement to apply Australian Accounting Standards and other mandatory reporting requirements do not apply to the Fund. Accordingly, the financial report prepared is a special purpose financial report which is for distribution to members of the Fund and to satisfy the requirements of SISA and SISR. 

We acknowledge our responsibility for ensuring the financial report is in accordance with the accounting policies as selected by ourselves and requirements of SISA and SISR, and confirm the financial report is free of material misstatements, including omissions.

We confirm, to the best of our knowledge and belief, the following representations made to you during your audit.

1.	Sole purpose test

The Fund is maintained for the sole purpose of providing benefits for each member on their retirement, death, termination of employment or ill-health.

2.	Trustees are not disqualified

No disqualified person acts as a director of the trustee company or as an individual trustee. Further, no trustee is an undischarged bankrupt or has been convicted of an offence concerning dishonesty.

3.	Trust deed, trustees’ responsibilities and fund conduct

The Fund meets the definition of a self-managed superannuation fund under SISA, including no member is an employee of another member, unless they are relatives and no trustee [or director of the corporate trustee] receives any remuneration for any duties or services performed by the trustee [or director] in relation to the Fund.

The Fund has been conducted in accordance with its constituent trust deed at all times during the year and there were no amendments to the trust deed during the year, except as notified to you.

We understand our duties as a Trustee or Director of the trustee company. We understand by law we must act honestly in all matters concerning the Fund and act in the best interests of all members. Accordingly, the trustees have complied with all aspects of the trustee requirements of SISA and SISR.

The trustees are not subject to any contract or obligation which would prevent or hinder the trustees in properly executing their functions and powers.

The Fund has been conducted in accordance with SISA, SISR and the governing rules of the Fund.

The Fund has complied with investment standards set out in SISA, SISR and the governing rules of the Fund.

The Fund has complied with the requirements of SISA and SISR specified in the approved form auditor’s report as issued by the ATO, which are sections 17A, 35AE, 35B, 35C(2), 62, 65, 66, 67, 67A, 67B,82–85, 103, 104, 104A, 105, 109, 126K of SISA and regulations 1.06(9A), 4.09, 4.09A, 5.03, 5.08, 6.17, 7.04, 8.02B, 13.12, 13.13, 13.14 and 13.18AA of SISR.

All contributions accepted and benefits paid have been in accordance with the governing rules of the Fund and relevant provisions of SISA and SISR.

There have been no communications from regulatory agencies concerning non-compliance with, or deficiencies in, financial reporting practices that could have a material effect on the financial report.

4.	Australian resident superannuation fund 

During the period and all times during the year, the Fund met the definition of an Australian resident fund. The Trustees specifically confirm: 
a)	The Fund was established in Australia or at least one asset of the Fund is situated in Australia; and 
b)	The central management and control of the Fund is ordinarily in Australia; and 
c)	Either the Fund had no active member, or at least 50% of the following is attributable to superannuation interests held by active members who are Australian residents: 
- The total market value of the Fund’s assets attributable to superannuation interests held by active members, or 
- The sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members 

5.	Investment strategy

The investment strategy has been determined with due regard to risk, return, liquidity and diversity, and the assets of the Fund are in line with this strategy. The investment strategy is reviewed on a regular basis. We have considered whether the Fund should hold insurance cover for members of the Fund. We have also considered whether fund assets are adequately insured from all types of risks.

6.	Accounting policies

All the significant accounting policies of the Fund are adequately described in the financial report and the notes attached thereto. These policies are consistent with the policies adopted last year. We are responsible for the preparation and fair presentation of the financial report in accordance with the financial reporting requirements of the Fund's governing rules, SISA and SISR.

If the preparation of accounting records is outsourced, we are responsible for overseeing the Fund’s financial reporting process.

7.	Fund books and records

We acknowledge our responsibility for the fair presentation of the financial report, Statement of financial position, Operating statement and the appropriate disclosures of all information required by statute.
In preparation of the financial report we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made. We have evaluated the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We have made available to you all financial records and related data, other information, explanations and assistance necessary for the conduct of the audit; and minutes of all meetings of the trustees. We confirm all copies of Fund documents provided (either provided in paper or electronically via email or otherwise) to conduct your audit are true representations of the original documents.

We also acknowledge our responsibility for the design and implementation of internal control to prevent and detect error. We have established and maintained an adequate internal control structure to facilitate the preparation of reliable financial reports, and adequate financial records have been maintained.

We monitor internal controls over financial reporting by reviewing all reports provided by the information technology systems utilised by the Fund, for accuracy.

We advise the Fund does not have a formal process for identifying, estimating or assessing business risks relevant to the financial reporting objectives. We consider this to be appropriate for the Fund.

We are not aware of any specific risks, arising from the use of information technology by the Fund that should be brought to your attention.    

There are no material transactions that have not been properly recorded in the accounting records underlying the financial report. 

Where a custodian is used by the Fund, we confirm we have not been advised of any fraud, non-compliance with laws and/or regulations or uncorrected misstatements that would affect the financial report of the Fund.

All accounting records and financial reports have been kept for 5 years, minutes and records of trustees’ [or directors of the corporate trustee] meetings [or for sole trustee: decisions] have been kept for 10 years and trustee declarations in the approved form have been signed and kept for each trustee appointed after 30 June 2007.

8.	Fraud, error and non-compliance

We consider the risk the financial report is materially misstated due to fraud to be low due to the nature of the Fund. We confirm trustees are signatories on all transactions and no transaction can be executed without the consent of trustees. Additionally, the trustees and/or our administrator conduct regular reconciliation of the Fund’s transactions, accounts and investments.   

While we have not identified any specific risks, we acknowledge any potential fraudulent risk areas include investment or cash being misappropriated and/or contributions being intercepted prior to being banked into the Fund’s bank account.

We believe we have adequate procedures in place to detect, reduce the risk of fraud and rectify any fraudulent activities.   We will ensure any fraudulent activities are brought to your attention for your consideration.
We confirm there have been no:
a)	Frauds, error or non-compliance with laws and regulations involving any member of management or employees that could have a material effect on the financial report.
b)	Communications from regulatory agencies concerning non-compliance with, or deficiencies in, financial reporting practices that could have a material effect on the financial report.
c)	Violations or possible violations of laws or regulations whose effects should have been considered for disclosure in the financial report or as a basis for recording an expense.

We are aware each trustee is also responsible for such internal controls as they determine are necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error. We are aware each trustee is responsible for complying with the requirements of SISA and SISR and for identifying, designing and implementing internal controls as they determine necessary to meet compliance requirements and monitor ongoing compliance.

We as trustees understand and acknowledge that it is the trustee's responsibility to make all investment decisions (including investment in crypto currency - if any), we have considered investment risk, and responsibility of risks of return of capital, capital gains and investment income and you as an auditor cannot be held responsible if we make wrong or risky decisions or lose capital of the fund. 

We understand all the investment risks for each investment lies with the trustees of the fund and not with the auditor of the fund, including loss of capital. In conducting your audit we are aware you will not be checking the liquidity of the Fund assets, the nature or class of investments, nor their suitability to our investment strategy. 

If any assets of the fund fail and capital is lost, we will not be taking any action for damages against you under section 12GF of Australian Securities and Investments Commission Act 2001. However, as an auditor, we understand it is your duty of care to inform us, if you notice any investments are not recoverable.

In conduct of your audit, it is not expected you form an opinion and report to us if the Fund is making or likely to make an economic loss or the Fund's assets are getting damaged or likely to get damaged due to conduct of any other person who we rely for investment decisions or appoint as custodians or investment manager. We understand your appointment is to audit the Fund’s financial report and not to audit entities where this Fund invests, for example custodian services, unrelated trusts, companies or other entities.

9.	Asset form and valuation

The assets of the Fund are being held in a form suitable for the benefit of the members of the Fund and are in accordance with our investment strategy.

Investments are valued at net market value at the financial year end. Market value is determined by us by using a 'fair and reasonable' process, where it meets the following:
•	it takes into account all relevant factors and considerations likely to affect the value of the asset;
•	it has been undertaken in good faith;
•	it uses a rational and reasoned process;
•	it is capable of explanation to a third party.

In preparing the financial statement, we have used a qualified independent valuer, where the value of the asset represents a significant proportion of the fund's value or the nature of the asset indicates that the valuation is likely to be complex.

In valuation of listed shares and listed managed units, we have used the closing price on each listed security's approved stock exchange or licensed market at the end of the financial year. 

Real property valuation at the yearend in the financial statement is based on objective and supportable data. We have used external valuation where we have found it to be prudent and where we expect the valuation is materially inaccurate or a significant event (such as a natural disaster , macro-economic events , market volatility or changes to the character of the asset) has occurred since it was last valued. 

When valuing any investment in unlisted security for end of the year financial year statement, for example, a share in a private company, or a unit in an unlisted trust, we have taken into account a number of factors that may affect its value, including both the:
•	value of the assets in the entity
•	Consideration paid on acquisition of the unlisted securities or units.
Whilst finalizing the financial statement at the year end, we have used market values that are based on either published exit price from the fund or trust manager or company director. In any case, we are aware of the value of these assets held by the fund in these unlisted assets (managed funds or private company) on balance date. We are satisfied with its valuation and where ever we had doubts on valuation, we have used an external independent valuer, that is, where ever we were of the opinion that the nature of the asset indicates that the valuation is likely to be complex.

We have no plans or intentions that may materially affect the carrying values, or classification, of assets and liabilities.

We have considered the importance of safeguarding the assets of the Fund and we have implemented appropriate procedures that include the regular review of the appropriateness of the authorised signatories on bank and investment accounts and arranging adequate insurance and storage for assets where necessary.   

There are no commitments, fixed or contingent, for the purchase or sale of long term investments.
10.	Uncorrected misstatements

We believe the effects of those uncorrected financial report misstatements aggregated by the auditor during the audit are immaterial, both individually and in aggregate, to the financial report taken as a whole.
 
11.	Ownership and pledging of assets

The Fund has satisfactory title to all assets appearing in the statement of financial position / net assets. All investments are registered in the name of the Fund, where possible, and are in the custody of the respective manager/trustee. In situations where the Trustee of the fund, in their legal capacity as Trustee of the fund were not able to be registered as the beneficial owner or beneficiary of the assets, procedures and documentation are in place to ensure the asset is held by a custodian or a custodial trustee for and on behalf of the Fund. 

The trustees have signed a declaration of trust for the benefit of the fund for any real estate held by the Fund (if any) is held (title of real estate) by the individual trustees/corporate trustee in trust for the Fund.

There are no liens or encumbrances on any assets or benefits as at the date of financial report other than those reflected in the financial report and no assets, benefits or interests in the Fund have been pledged or assigned to secure liabilities of others.

All assets of the Fund are held separately from the assets of the members, employers and the trustees. All assets are acquired, maintained and disposed of on an arm’s length basis and appropriate action is taken to protect the assets of the Fund.
12.	Related parties

Related party transactions and related amounts receivable or payable, (such as sales, purchases, loans, transfers, leasing arrangements, off-market transfers and guarantees - written or oral), where applicable, have been properly recorded or disclosed in the financial report. Acquisitions from, loans to, leasing of assets to and investments in related parties have not exceeded the in-house asset restrictions in SISA at the time of the investment, acquisition or at year end.

The Fund has not made any loans or provided financial assistance to members of the Fund or their relatives.
13.	Leases or Loans to Related parties

No non business used property is leased to a related party of the members of the Fund. All business use property if leased to related party, the rent is set at market rates and proper commercial leasing arrangement is in place including a lease document executed in a commercial manner.

All the units or shares owned in related trusts or related companies or investment in related trust and companies or loans to related parties or entities controlled by related parties, we the trustees have followed the in-house asset rules and none of the related trusts where the fund has invested has borrowed.
14.	Borrowings

The Fund has not borrowed money or maintained any borrowings during the period, with the exception of borrowings which were allowable under SISA. If any permitted borrowing has occurred, any borrowing is appropriately documented and compliant with SISA and SISR. To the best of the trustee’s knowledge, if the Fund has invested in a limited recourse borrowing arrangement (LRBA), it is compliant with SISA. Any borrowings from any related party complies with Practice Compliance Guideline 2016/5 issued by ATO and any loan from a related party meets the requirements of a loan obtained from a commercial lender.

15.	Contributions and Pensions

Taking into consideration all contributions to other funds, contributions to the Fund are in accordance with any contribution caps applicable to members. Any work test or similar qualifying criteria has been met to facilitate contributions. Likewise, any pension or lump sum payments are within payment restrictions, if any are applicable, and that a condition of release has been met and satisfied to permit payment.

All contributions in the financial year are made to this fund and we confirm that we have not made any contributions to any other superannuation fund.

16.	Subsequent events

All events or transactions which are non-adjusting event as per Australian Accounting Standards (AASB 110), that occurred since the date of the financial report and us providing you information to conduct your audit, or are pending, which would have a significant adverse effect on the Fund’s financial position at that date, or which are of such significance in relation to the Fund as to require mention in the notes to the financial statements in order to ensure they are not misleading as to the financial position of the Fund or its operations have been disclosed as a note to the financial statements. We are aware that you are not responsible for any events that occur after signing your audit report. There were no events which existed at the date of the financial report which require adjustment to the financial statement.

17.	Outstanding legal action

We confirm there is no outstanding legal action or claims against the Fund. The Fund has complied with all aspects of any contractual agreement that would have a material effect on the financial report in the event of non-compliance.  There have been no communications from the ATO concerning a contravention of SISA or SISR which has occurred, is occurring, or is about to occur.

Any minutes of meetings with the Fund’s legal counsel have been provided for your attention. 
18.	Going Concern

We confirm we are not aware of any matters, whether individually or collectively, that will cast significant doubt over the Fund’s ability to continue as a going concern. In preparing the financial report, we are responsible for assessing the fund’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees intend to wind-up the Fund. We understand the going concern basis of accounting is appropriate when it is reasonably foreseeable the Fund will be able to meet its liabilities as they fall due.

19.	Trust Deed(s) and deeds of change of trustee 

We have sought our own legal advice to establish the Fund and have properly executed the trust deed as applied at establishment of the Fund by signing the original deed and having it stamped and witnessed as applicable. Any modification or updates to the trust deed and governing rules have been appropriately made and executed in a legally binding manner and copies of deeds have been retained to ensure a complete history of the Fund’s trustees and members is maintained.

20.	Additional matters

##User defined matters##We understand your examination will be made in accordance with Australian Auditing Standards and applicable Standards on Assurance Engagements and will therefore be designed primarily for the purpose of expressing an opinion on the financial report of the Fund taken as a whole, and on the compliance of the Fund with specified requirements of SISA and SISR. Further, your tests of the financial and compliance records and other auditing procedures will be limited to those which you consider necessary for that purpose. We know that you are not a licensed financial advisors and we have not asked you to provide us any financial advice as trustees of the fund.

We are aware this engagement is in accordance with Standard on Assurance Engagements ASAE 3100 Compliance Engagements issued by the Auditing and Assurance Standards Board and your firm applies Australian Standard on Quality Control 1 ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements in undertaking this assurance engagement and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. 

We are also aware you will comply with the competency standards set by ASIC, the auditor independence requirements prescribed by SISR and the ethical requirements relating to assurance engagements which are founded on the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. 

Should you find any records or reports deficient, please write to us. 

Yours faithfully,

<<Signature of Director_Trustee>>
<<Name of Director_Trustee>>
Director