In light of its investigation into the misuse of auditor numbers, the ATO has outlined its findings and advised SMSF auditors how they can report any potential misuse.
ATO assistant commissioner Kasey Macfarlane says the ATO has been investigating all cases reported to the tax office involving the potential misuse of auditor numbers, following concerns raised by SMSF auditors last year.
Following this investigation, the ATO has detected discrepancies, in a small number of cases, between the auditor numbers it received and those recorded by the SMSF auditors themselves, Ms MacFarlane said.
“In the majority of cases, what the evidence has revealed is that the relevant funds have in fact have been properly audited prior to the lodgement of the return. However, there’s been a data entry error in the return, leading to another auditor’s details being captured,” she said in a recording with the SMSF Association.
“In those situations, the tax agents have worked with us to rectify that.”
In other cases, however, returns have been lodged with the funds, having been properly audited and the auditor’s information have been included for those returns.
“Some of those returns are still under investigation, but to date there have been three referrals to the tax practitioner’s board,” Ms Macfarlane said.
“As a result of our actions in this area, there is also a small group of tax agents who haven’t responded to our requests for further information and we will be undertaking further follow-up action with those agents very soon.”
SMSF auditors who are concerned their details may have been misused can contact the ATO for a list of SMSF annual returns that have been lodged with their auditor number in a particular year.
“When ATO auditors contact us through that service, they can expect to get a response to their email within three working days. Once we have provided the SMSF auditor with that list of SMSF annual returns where their auditor number has been recorded, the auditor can then reconcile that information with their client records,” Ms Macfarlane said.
“If there are any discrepancies identified, they can come back to the ATO and advise the SMSF auditor team accordingly. Any discrepancies that are reported to us or brought to our attention by SMSF auditors are investigated.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all