Article
Have you had your self-managed super fund audited?
Each year an approved self-managed super fund (SMSF) auditor must audit your fund.
Self-Managed Superannuation Fund annual audit
If you are a trustee of Self-Managed Superannuation Funds, you are required to have an annual audit undertaken to ensure compliance.
As superannuation legislation and regulations are continually changing, auditing of SMSFs is becoming more of a specialised area.
SMSF early engagement and voluntary disclosure service
If superannuation is not one of your primary business focuses, it can often be difficult to maintain a sound knowledge of the legislation and what practices you and your clients should follow to ensure that their funds remain compliant, and not in danger of being in breach of the rules.
Should the auditor discover any regulatory contraventions, they are required to report these to the ATO via an auditor/actuary contravention report. However, trustees should voluntarily disclose regulatory contraventions that remain unrectified, without waiting for their SMSF auditor to advise the ATO.
If a contravention has occurred, you should work with your appointed SMSF professional (such as your TaxAssist Accountant) and your SMSF auditor to rectify them as soon as possible.
Who can use the SMSF early engagement and voluntary disclosure service
SMSF trustees and SMSF professionals can use the ATO’s SMSF early engagement and voluntary disclosure service.
Before using this service, you should speak to a TaxAssist Accountant to receive guidance about rectifying the contravention, so you have a rectification proposal to include with your voluntary disclosure.
You will also need to bring any outstanding SMSF annual return lodgments immediately up to date, make any necessary amendments to SMSF annual returns and/or individual members’ income tax and pay any outstanding income tax liabilities that may arise.
How we can help
At TaxAssist Accountants we can help you to manage any regulatory contraventions as well as any associated tax, accounting and advisory requirements you have.
Call 08 6245 7506 or complete our online enquiry form here to arrange your free initial consultation.
Date published 25 Aug 2023
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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