A Word About SMSF Audits

As the ATO tightens its focus on SMSF compliance, it’s certain there will be more SMSF audits in the near future.

Funds made be audited for income tax, compliance and regulatory obligations, regardless of whether the fund has breached the rules or not.

In addition, the ATO reviews auditors to ensure they meet both professional and ethical obligations.

The ATO has recently reported more than 300 auditors to ASIC with at least 13 auditors receiving formal referrals for more serious cases.

Remember the new SMSF penalty regime is now in place for trustees, so it’s more important than ever for auditors and trustees to be upfront with the ATO and proactive in ensuring compliance before it’s too late.