The Australian Tax Office (ATO) has announced its approved self-managed superannuation fund (SMSF) auditors professional-to-professional support service is being extended.
The free service, which provides technical assistance to high-volume professional SMSF auditors, will be extended to the 300 largest auditors from July this year. This will cover approximately 40 per cent of the SMSF population, according to the ATO.
The ATO stated the service will provide auditors with direct access to senior technical officers, who can respond to queries concerning technical issues identified in the course of SMSF audits.
In addition, technical officers can provide guidance on SMSF regulatory issues to “assist auditors in gaining a better understanding of SMSF legislative requirements.”
“They will also provide support to resolve any SMSF administrative issues where other more appropriate support and guidance services do not exist,” according to the ATO.
Those approved SMSF auditors who have accepted the ATO’s invitation to use the service can request general technical advice on the Superannuation (Industry) Supervision Act 1993 (SISA) regulatory requirements of SMSF trustees.
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