ATO issues reminder re audit requirement - 01/07/2009

In a recent newsletter to SMSF trustees, the Australian Tax Office reminded trustees that the annual audit is a critical requirement that trustees must ensure occurs each year before lodgment of the SMSF annual return.

The ATO recommends that you engage the services of an auditor early enough to ensure that the audit report can be completed and reviewed by all trustees prior to the lodgment of the SMSF annual return.

According to the ATO, the SMSF annual return will not be accepted without the audit being completed and a lodgment extension will not be granted due to a failure to organise the audit. Late lodgment penalties may apply if the return is lodged late.

Click to read the full ATO SMSF Newsletter Edition 6.

Categories: