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ATO issues reminder on SAN misuse mail-out
The ATO has urged any SMSF auditors who have not responded to its mail-out regarding SMSF auditor number misuse to check their list of completed SMSF audits.
In September last year, the ATO contacted SMSF auditors with a list of SMSF annual returns (SARs) lodged with their SMSF auditor number (SAN) during the period from 1 July 2020 to 30 June 2021 in order to identify incidents of SAN misuse.
The ATO recently issued a follow-up mail-out to auditors who did not respond to the initial mail-out.
“SMSF auditors who have not replied to the initial mailout are encouraged to check their lists carefully and report to us whether their SAN has been misreported on any 2020 SARs, or whether their SAN has been misreported on any other SARs lodged during the 2020 income year,” the Tax Office said in a recent update.
“The information auditors provide will also help us determine whether a SAR was lodged prior to audit completion.”
Even when the lists reveal no misreporting, the ATO said auditors should still confirm this with them so that they can be assured that the funds in the list received an audit.
“The number of clients we need to confirm audits for have been reduced by any audit complete advice (ACA) that has been lodged,” it said.
The ATO also urged SMSF auditors to make the switch to Online services for business, which is the new way to lodge audit contravention reports and ACAs.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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