COVID still impacting SMSF audit process for elderly clients
While accounting firms are tracking well with SMSF lodgements this year, COVID is still impacting the ability of elderly SMSF trustees to access information for their audits, according to National Audits Group.
National Audits Group SMSF audit client liaison manager Gansen Pappiah said accounting firms have been largely on time with lodgements this year, with the firm having already audited the bulk of total SMSFs and only a small proportion outstanding.
However, there is still a big issue with certain SMSF clients being unable to access necessary information, most due to the effects of COVID.
“Many elderly trustees have been housebound during this period and have been unable to provide the supporting documents to their accountants in time, which resulted in backlogs at the accounting firm level.
“Mass migration in the accounting industry has resulted in fewer staff available to get the work done, which has exacerbated things further.”
Mr Pappiah also reminded SMSF trustees that there is currently no extension of the deadline to 30 June as in previous years.
“As such at this time, the deadline is 15 May 2022. Where trustees foresee meeting the deadline may not be achievable, they should consider applying to the ATO for an extension, bearing in mind that this is not always guaranteed,” he stated.
“Late lodgement could result in the payment of penalties and the removal of details from the Super Fund Lookup site. Once an SMSF regulation details are removed, it means no benefit rollovers into the SMSF are allowed.”
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.
