We provide SMSF audit services for your SMSF requirement.
On 1 July 2013 ASIC announced that only an ‘approved SMSF auditor’ (Regulatory Guide 243) can audit a Self-managed Superannuation Fund. Your SMSF needs to be audited by an approved SMSF auditor every year before you can lodge your fund’s annual tax return. Every approved SMSF auditor would have a specified SAN (SMSF Auditor Number) details. The SMSF auditor will perform financial and compliance audit on your fund’s financial report.
A new penalty regime applies from 1 July 2014. This means you, as the trustee of your super fund, have to comply with all the financial audit and compliance audit of your fund every year. The ATO put more pressures on the audit requirement for self-managed super funds to make your your fund complies with the current legislation.
If there’s a breach in your super fund that leads to a contravention being issued, the trustee will be liable for that. With the new penalty regime, ATO have the ability to commence civil proceedings or criminal prosecution rather than imposing administrative penalties only.
As per the administrative penalties are not subject to strict liability it would seem to fall within ATO’s general power of administration to impose the penalties in practice, perhaps similar to a speeding fine. The whole idea though of the new regime is to give ATO more powerful power to penalise non-compliance without having to resort to extreme measures and therefore it may be expected that the administrative penalties will be applied in most instances where applicable.
Please feel free to contact us if you have any query.