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Nov 20

Do I need to provide documents to my SMSF auditor within 14 days ?

Posted by Nick Law on Wednesday, November 20, 2013


You need to provide requested documents to your SMSF auditor within 14 days, and your SMSF auditor has reporting and lodgment obligations on issues relating this area.

Self-managed superannuation funds (SMSF) are required to be audited annually by a registered SMSF auditor before the fund lodges their annual return.

Once appointed, if the auditor requests documents which are relevant to the preparation of the report from the SMSF in writing, the SMSF must provide the requested information within 14 days of the request being made.

If they fail to do so, they will be in breach of the section 35C (2) of the Superannuation Industry (Supervision) Act 1993 (SISA) Administrative Obligations.

Where this statutory time period is exceeded by more than 14 days, that is, if there is a failure by the trustees to provide requested documents within 28 days, this breach is required to be reported to the ATO via an Auditor Contravention Report (ACR).

In some situations the auditor may be appointed after the fund's annual return lodgment due date or later than the 45 day timeframe required by law. While this is a breach of the superannuation laws, and is required to be reported to the trustees, it is not one required to be reported by the auditor to the ATO.

Similarly, while a trustee’s failure to lodge an annual return on time is a contravention of section 35D of the SISA, it is not mandatory for the auditor to report this breach to the ATO.

The ATO has specific strategies to deal with trustee lodgment obligations and SMSF auditors do not need to report this using an ACR

Nov 14

Thinking about self‑managed super?

Posted by Nick Law on Thursday, November 14, 2013

You have been thinking about an SMSF for a while, and wondered if an SMSF is right for you.

SMSFs are not suitable for everyone and you should think carefully before deciding to set one up. It is a major financial decision and you need to have the time and skills to do it.

Produced by both the Australian Taxation Office (ATO) and Australian Securities & Investment Commission (ASIC) this publication, Thinking about self‑managed super,  provides you with the steps you need to consider before setting up an SMSF.

Oct 10

Changes to appointing an approved SMSF auditor From 1 July 2013

Posted by Nick Law on Thursday, October 10, 2013


For each income year, SMSF trustees must appoint an approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge their self-managed superannuation fund annual return (SAR).

Approved SMSF auditors must be registered as approved SMSF auditors with the Australian Securities & Investments Commission (ASIC), and have an SMSF auditor number (SAN).

You should appoint your auditor no later than 45 days before the due date for lodgment of the SAR.

Check your auditor’s detail with ASIC registry

More information is available from ATO