Thinking of Lodging in October ? Check Your Auditors Details Carefully.

For SMSFs that did not lodge on time last year and for new SMSFs that are not lodging through a tax agent, the SMSF annual return (SAR) is due 31 October. SMSF trustees should ensure that their fund has been audited prior to lodging a SAR.

Question 6 in the SAR will ask you about the audit that was conducted on the SMSF. This will include the SMSF auditor's name, the SMSF auditor number (SAN) and the date the audit was completed. Make sure you enter in these details correctly.

The ATO will provide auditors with a list of SMSFs that have indicated that an audit has been completed by them on an annual basis.

The ATO may also contact you if the details about the auditor on the SAR are incorrect. Where we find tax agents and/or trustees involved in deliberately misreporting auditor details on the SAR including lodging a SAR prior to the audit completion date, the ATO may take the following action;

• the tax agent may be referred to the Tax Practitioner's Board

• the trustee may be subject to penalties for making a false and misleading statement.