New SMSF audit service to respond to queries in 2 days
A new professional-to-professional support initiative from the Tax Office will provide a response to any queries regarding SMSF audits within two working days.
The ATO said its Super P2P service provides timely technical assistance to help SMSF auditors with questions that arise during the audit of an SMSF.
Within two working days of sending a request, auditors can expect a phone call or an email to discuss their query, provide general advice or negotiate a response date if required.
Speaking to SMSF Adviser, ATO commissioner Dana Fleming said the regulator will endeavour to provide their perspective on the matter as soon as possible; however, times may vary depending on the nature of the query.
To ensure that the service remains focused on providing timely support to SMSF auditors, Ms Fleming said the ATO has established the following principles for participants:
- They can only raise queries in relation to their SMSF audits.
- Before lodging a request, they should conduct research using other existing support and guidance products, such as the reference facility in eSAT.
- If they require a tailored response, they need to use the existing Request for self-managed superannuation fund specific advice (NAT 72441) process.
“The most common types of query we receive via the service is for some general advice on whether an SMSF the auditor is auditing may have contravened the SISA or SISR so they know whether to report a contravention to us via the auditor/actuary contravention report,” Ms Fleming said.
“If the issue the auditor raises is particularly complex or very specific, we may ask them to complete a Request for self-managed superannuation fund specific advice in place of their request for Super P2P guidance.”
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.