In a recent Administrative Review Tribunal (ART) decisionExternal Link, the tribunal upheld administrative penalties against self-managed super fund (SMSF) trustees for false auditor details in annual returns.
The fund's returns listed audit completion dates and unqualified opinions despite the absence of completed audits.
Before lodging an SMSF annual return:
- obtain the completed and signed independent auditor's report (IAR)
- use the report to enter the auditor's name, SMSF auditor number (SAN), audit completion date and audit opinion details
- check the audit information, even if a tax agent prepares or lodges the return
- never use estimated dates or placeholder details to indicate an audit has been completed.
Engaging an SMSF auditor does not mean an audit is complete. Trustees remain responsible for their fund's reporting obligations, even when another person handles the lodgment.
Deliberately reporting false audit information can result in penalties, even when there is no tax shortfall. Before lodging, check our SMSF annual return instructions.
Stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly newsletter.