ATO to issue follow-up mailout on SAN misuse
The Tax Office is preparing to issue a follow-up mailout on SMSF auditor number misuse to auditors who have not replied to the initial mailout.
“SMSF auditors are encouraged to check their lists carefully and report to us whether their SAN has been misreported on a 2019 SMSF annual return (SAR),” the ATO said.
“The information auditors provide will also help us determine whether a SAR was lodged prior to audit completion. Even where the lists reveal no misreporting, auditors should still confirm this with us so we can be assured that the funds in the list received an audit.”
The ATO stated that for future reference, auditors can reduce the number of clients that are needed to confirm audits by lodging an audit complete advice (ACA) with the ATO.
This comes as, for many SMSFs, the SMSF annual return for an income year is due on 28 February the following income year.
As the 28th falls on a Sunday this year, the due date of the 2020 SAR will be 1 March 2021. SMSF trustees should ensure their fund has been audited prior to lodging a SAR.
“Question 6 in the SAR asks you for details about the audit that was conducted on the SMSF. This includes the approved SMSF auditor’s name, the SMSF auditor number (SAN) and the date the audit was completed. Make sure you use the information in the SMSF independent auditor’s report to enter these details correctly,” the ATO stated.
With Online services for business now open for public use, the ATO said it is now easier for auditors to lodge an ACA and encourages auditors to also complete and lodge bulk ACAs using the bulk template.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.