Appoint an Auditor Before Lodging Your SAR

You need to appoint an approved self-managed super fund (SMSF) auditor no later than 45 days before you lodge your SMSF annual return (SAR). Don’t risk approaching an auditor the day before you need to lodge as it will result in an overdue lodgment.

Approved SMSF auditors are an important part of your lodgment and reporting obligations. They review your fund’s financial statements and make sure you’re complying with super law.

Your SMSF auditor must be:

• registered with Australian Securities and Investments Commission (ASIC) – Search SMSF Auditor register.
  • if they are, they’ll have an SMSF auditor number, which you need to provide on your annual return
   
• independent – they should not audit a fund which they hold any financial interest in, or where they have a close personal or business relationship with members or trustees.

An audit is required even if no contributions or payments are made in the financial year.

Your SMSF’s auditor will provide all trustees with a copy of the Independent Audit Report (IAR) within 28 days of completing their audit. You should use the information in the IAR to complete Q6 of the SAR.

You must also ensure the correct auditor details are provided in the SAR, otherwise you may be penalised.

If your auditor identifies any issues with the fund’s operation, or any contraventions (breaches of the rules), they’ll include this in the IAR or management letter for the fund. So, it is important you review the report carefully.

If a contravention has occurred, you and the other trustees must rectify it as soon as possible, or develop a plan to rectify. Your auditor is required to report certain contraventions to us, and where the contravention remains unrectified you’re encouraged to make a voluntary disclosure to us. We take all voluntary disclosures into account when determining what actions we take.

Source: ATO

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