SMSF annual returns

Avoid errors lodging SMSF annual returns

It is important to include the correct registered self-managed superannuation fund (SMSF) auditor number (SAN) on SMSF annual returns (SAR), and only lodge the SAR after an audit is completed.

SMSF trustees or the responsible tax agent may face penalties or prosecution for deliberately making false or misleading statements to the ATO Commissioner when reporting an incorrect SAN or lodging a SAR before an audit is complete.

This financial year the ATO plans to investigate more than 100 SMSFs for reports of a SAN used on the SAR without the auditor’s authority.

Avoid errors and potential penalties by:

• checking the correct SAN appears on the SAR. It must match the SAN of the approved SMSF auditor responsible for auditing the fund.
• lodging the SAR after the audit is completed.

Queensland Audit Services are SMSF audit specialists offering fast, affordable auditing services Australia wide. Contact us in Dalby, Toowoomba or Chinchilla on 1300 880 130 or click here to see our competitive SMSF audit fees.