Ensuring Your SMSF Compliance with the ATO
The ATO issues a crucial reminder that Self Managed Super Fund (SMSF) trustees are obligated to appoint an approved SMSF auditor for each income year. This appointment should be made no later than 45 days before your SMSF annual return is due.
Why is this important? Your SMSF’s audit needs to be completed before you lodge your annual return because you’ll require certain information from the audit report for the return.
Your SMSF’s auditor plays a pivotal role in performing both financial and compliance audits of your fund’s operations before submission. This applies even if no contributions or payments were made during the financial year.
It’s worth noting that an approved SMSF auditor must maintain independence. This means the auditor should not have any financial interests in your fund or maintain close personal or business relationships with its members or trustees.
In the event that a fund doesn’t align with the rules for operating an SMSF, the auditor may have an obligation to report any contraventions to the ATO.
Note that if Simmons Livingstone & Associates completes your SMSF tax returns, we comply on your behalf by appointing an external auditor to audit the return and financial statements prior to lodgment of your return.
Stay compliant and informed – contact your Simmons Livingstone and Associates SMSF specialist today with any queries.
