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SMSFs reminded on deadline for appointing auditor
With the deadline for the SMSF annual returns fast approaching, the ATO has reminded SMSFs they will need to appoint an auditor no later than 1 April.
In an online update, the ATO stated that SMSFs with a due date of 15 May for the SMSF annual return (SAR) would need to appoint an auditor no later than 1 April 2022 in order to meet the deadline.
“In preparation for your lodgment, you also need to complete a market valuation of all your assets, prepare the fund’s financial statements and provide signed copies of these to the auditor,” said the ATO.
“[This will enable] them to determine your financial position and your fund’s compliance with super laws.”
The Tax Office warned SMSF trustees that if their SAR is more than two weeks overdue and they have failed to contact the ATO, their status of their SMSF on Super Fund Lookup will be changed to “Regulation details removed”.
“This status will remain until any overdue lodgments are brought up to date,” it said.
“If you have a status of ‘Regulation details removed’, APRA funds will not be able to roll over member benefits and employers will not be able to make any super guarantee payments to the fund’s members.”
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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