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Trustees need to immediately appoint auditor for SAR: ATO
SMSF trustees are being reminded that if their annual return (SAR) for 2022–23 is due on 15 May, they need to appoint an auditor no later than 1 April.
The ATO said in preparation for lodgment, trustees also need to complete a market valuation of all assets, prepare their fund's financial statements, and provide signed copies of documents to their auditor so they can determine the financial position and the fund's compliance with super laws.
If a fund’s SAR is more than two weeks overdue, and trustees have failed to contact the ATO, the status of the 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.
If an SMSF has 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.
