• Penalties

    Penalties may be imposed on SMSF auditors if they contravene the SISA.

    Description

    Provision in SISA

    Penalty

    A person holds themselves out as an approved SMSF auditor and is not an approved SMSF auditor

    Section 131B(2)External Link

    50 penalty units

    A person who is or acts as an approved SMSF auditor and has been disqualified or suspended by ASIC.

    Section 131CExternal Link

    60 penalty units, or imprisonment for up to two years

    An auditor (first auditor) is aware of a matter that must be told to the ATO and a trustee, and

    • the auditor tells another auditor (second auditor) that they have told the ATO and a trustee about the matter, and
    • the first auditor has not told the ATO and the trustee about the matter.

     

    Sections 129(3B) & (3C)External Link

    Imprisonment for 12 months

    An auditor fails to inform trustees and the ATO of:

    • contraventions identified during an SMSF audit, and/or
    • the fund‘s unsatisfactory financial position identified during an SMSF audit.

     

    Sections 129(4) & (5)External Link

    50 penalty units (each offence)

    An auditor fails to inform trustees and the ATO of:

    • contraventions identified during an SMSF audit, and/or
    • the fund‘s unsatisfactory financial position identified during an SMSF audit.

     

    Section 129(6)External Link

    25 penalty units (each strict liability offence)

    An auditor fails to provide the audit report to the trustees within the prescribed period.

    Section 35C(6)External Link

    50 penalty units

    A penalty unit is currently $180.

    See also:

    Last modified: 23 Jul 2015QC 45576